The former chief executive officer of Philadelphia Energy Solutions is seeking t...
NEW YORK - The former chief executive officer of Philadelphia Energy Solutions is seeking to buy and restart the 335,000 barrel-per-day PES refinery, which closed after a June fire, the former CEO and backers of the plan said in a statement on Wednesday.
Philip Rinaldi, who retired from PES in 2016, formed Philadelphia Energy Industries as a vehicle to pursue the purchase, the statement said. PEI and RNG Energy Solutions, LLC have entered into a mutual cooperation agreement for the prospective development of renewable fuels and other projects together with the restart of the oil refinery “should PEI be ultimately successful in its acquisition efforts,” the statement said.
Rinaldi said he had spoken with the leadership of the refinery’s local union about the plan to acquire the refinery, the largest and oldest on the U.S. East Coast.Last week, biofuels company S.G. Preston Co became the first group to identify itself as a potential buyer of the PES site, which it wants to convert into a renewable energy operation.
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