Delta looks to sell stake in Trainer refinery
Delta Air Lines may sell a stake in its Trainer oil refinery outside Philadelphia, 6-years after it made the questionable move into the oil refining business. The carrier has engaged Barclays Capital and Jeffries to "explore opportunities to form a joint venture" with a strategic partner, Delta says. The airline plans to maintain a stake in the refinery, through its Monroe Energy subsidiary, to ensure jet fuel production levels while selling the balance of ownership in the facility. Delta bought Trainer for US$150m from Philips 66 in 2012. The facility, which the carrier has expanded to refine up to 205,000 barrels a day of crude oil, did not meet initial forecasts that it would yield 32% jet fuel and failed to turn an annual profit - despite management comments that it would - until 2014. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2018-09-07/sky/delta-looks-to-sell-stake-in-trainer-refinery
https://portal.staralliance.com/cms/logo.png
Delta looks to sell stake in Trainer refinery
Delta Air Lines may sell a stake in its Trainer oil refinery outside Philadelphia, 6-years after it made the questionable move into the oil refining business. The carrier has engaged Barclays Capital and Jeffries to "explore opportunities to form a joint venture" with a strategic partner, Delta says. The airline plans to maintain a stake in the refinery, through its Monroe Energy subsidiary, to ensure jet fuel production levels while selling the balance of ownership in the facility. Delta bought Trainer for US$150m from Philips 66 in 2012. The facility, which the carrier has expanded to refine up to 205,000 barrels a day of crude oil, did not meet initial forecasts that it would yield 32% jet fuel and failed to turn an annual profit - despite management comments that it would - until 2014. <br/>
