Delta Air Lines (Atlanta) is now in the oil business. Phillips 66 (Houston) and Monroe Energy LLC have signed a purchase and sales agreement for Monroe Energy LLC, a subsidiary of Delta Air Lines, to purchase the Trainer, Pennsylvania Refinery and associated terminal and pipeline assets for $180 million. The purchase price does not include the value of existing inventories. The transaction is expected to close in the first half of 2012.
Phillips 66 also has entered into multi-year agreements with Monroe to supply jet fuel to Monroe in other regions of the country while Phillips 66 will purchase gasoline and other refined products from Monroe at the Trainer Refinery and local terminals.
Trainer is located along the Delaware River in Delaware County (near Philadelphia).
Copyright Photo: Greg Drawbaugh/DRAW Decal.
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