More than 15 media outlets, including Yahoo! Finance, Barron’s and Bloomberg, noted Buchanan’s role in the matter.
The joint venture, Philadelphia Energy Solutions, “is expected to save 850 jobs, secure the region’s fuel supply by continuing the daily low of 10 million gallons of various fuels, and create 100-200 new, permanent jobs, as well as thousands of construction jobs,” according to a press release.
The Carlyle Group will invest directly in the refinery’s balance sheet to fund future capital projects, upgrade facilities and enhance the refinery’s working capital. It will hold the majority interest, and will oversee the day-to-day operations of Philadelphia Energy Solutions and the refinery itself.
“Together, we’ve re-imagined the Philadelphia refinery and its role as a critical energy hub in the Northeast,” Carlyle Managing Director Rodney Cohen said. “This joint venture will keep one of the region’s most important economic engines up and running."