“Cleanup and responsible stewardship of the refinery facility by a reorganized debtor would have been lost, which would have had threatened negative consequences for the environment and surrounding community.” Under the refinery’s reorganization plan, the 1,300-acre property will be sold for $252 million to PES, which was the largest refinery on the East Coast, needed to buy renewable credits representing 161.8 million gallons of ethanol. “The most important thing that I can describe it as a generational investment. “I want to thank Hilco Redevelopment Partners for their commitment to Philadelphia by assuming ownership of one of the most important commercial sites in the city,” Philadelphia Mayor Jim Kenney said in a statement. Alternatively, merchant refiners such as PES can buy credits for each gallon of ethanol that others blend into their fuels. Much of the material will be dismantled and sold off to recyclers, including 160,000 tons of scrap metal, much of which will be removed by barge; 125,000 tons of concrete, which Hilco plans to recycle on site; and 200,000 barrels of oil sludge. Philadelphia Refinery Operations, a Series of Evergreen Resources Group, LLC, manages the legacy environmental investigation and remediation of the former Sunoco South Philadelphia Refinery, now known as Philadelphia Energy Solutions Refining Complex.
“This is an exciting project that will serve as an economic hub in the region with the potential to create thousands of new jobs,” Councilmember Kenyatta Johnson, whose district includes PES, said in a statement.
Retail gasoline typically contains about 10% ethanol.
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. 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. Businesses in Keystone Opportunity Zones pay little to no state and local business taxes through an assortment of tax credits, tax waivers, and tax abatements. It says it plans “a fresh vision” for the property that takes advantage of the pipelines, roadways, railways, and waterways connected to the site. Ethanol producers, who sell the renewable credits, had objected in the first bankruptcy that allowing PES off the hook would undermine the Renewable Fuel Standard, which is aimed at bolstering the biofuels industry.
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