Philadelphia refinery likely to be sold to real estate developerThe agreement between PES and Hilco, a Chicago-based developer, is expected to be announced later on Tuesday
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A boat passes beside the Philadelphia Energy Solutions plant refinery in Philadelphia, Pennsylvania, U.S., August 21, 2019. (Reuters Photo)
The bankrupt Philadelphia Energy Solutions is expected to sell its fire-damaged refinery site to real estate developer Hilco Redevelopment Partners, three sources familiar with the situation said on Tuesday.
The agreement between PES and Hilco, a Chicago-based developer, is expected to be announced later on Tuesday. PES and Hilco did not immediately respond to requests for comments.
The sale reduces the possibility that the more than 1,300-acre Philadelphia site would be resurrected as an oil refinery, but it is possible that Hilco could lease it to a refinery, biofuels or other heavy industrial operation, the sources said.