philadelphia energy solutions refinery
Within days of the incident, Philadelphia Energy Solutions announced that damage from the fire made it impossible to keep it open. The obligation to pay any additional amount will fall to a liquidation trust that will take over management of the refinery’s remaining business affairs after the real estate is sold.
Some of those assets may be of interest to fuel companies. The company ultimately laid off more than 1,000 refinery workers… “We’ve grown up as a company a lot,” Perez said. We’re making decisions Day One that make a difference in Year 10.” At the Baltimore site, which was also complicated by legacy environmental issues, more than three years passed before the One project under consideration is the Point Breeze Renewable Energy Project, which had reached an agreement in 2017 with the refinery to The refinery site also contains more than eight million barrels of storage tanks for crude oil and refined products, which are connected to markets by pipelines, wharves, rail yards, and the Sunoco Logistics Belmont Terminal near Passyunk Avenue and 26th Street. Business news and analysis sent straight to your inbox every Tuesday morning. Business news and analysis sent straight to your inbox every Tuesday morning. “I look forward to working with community stakeholders for a bright new future for the property.” Hilco’s skills include salvaging and marketing anything of value, if there are potential buyers for equipment in the refinery.
Its signature project involves the demolition and rebuilding of the huge Sparrows Point steel mill property in Maryland as a modern warehouse distribution hub, a project that is still underway eight years after the former mill was bought out of bankruptcy. This wasn’t the refinery’s first escape from its obligations to pay renewable fuel liabilities, which the company has long complained were an onerous burden that contributed to its financial woes. Hilco has promised to pay a $1.25 million annual payment to the Philadelphia School District in lieu of school taxes.
Alternatively, merchant refiners such as PES can buy credits for each gallon of ethanol that others blend into their fuels. The U.S. Bankruptcy Court on Wednesday approved a settlement allowing Philadelphia Energy Solutions to pay a small portion of the millions of dollars it owes in Under the settlement with the Environmental Protection Agency, PES will pay up to $10 million to buy renewable energy credits, called RINs, to satisfy its regulatory liability. On June 21, 2019, part of the Philadelphia Energy Solutions refinery, the largest oil refinery on the East Coast of the United States, blew up. A year after a disastrous fire shut down the Philadelphia Energy Solutions refinery, the 1,300-acre complex was sold out of bankruptcy Friday to a Chicago developer that promises to raze the plant and rebuild the site as an “environmentally responsible” commercial hub. Under a previous agreement, the EPA had capped its claim at $35 million.
“Hilco officials have assured me they will have a serious commitment to diversity and inclusion for the facility plus will make sure that as many local residents as possible get these new jobs,” he said. The credits, which are traded on open markets, would cost about $78 million to buy at current prices, according to the Oil Price Information Service. “It’s one of the best strategically located pieces of real estate east of the Mississippi from a trimodal perspective,” Roberto Perez, the chief executive of Hilco Redevelopment Partners, said in an interview. Retail gasoline typically contains about 10% ethanol. “Liquidation of the refinery facility would have potential negative consequences both under bankruptcy law and under other environmental laws,” the agency said.
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