Sunoco Inc. is reviewing its expansion plans after the cost of a $300 million expansion project at its Philadelphia, Pennsylvania, refinery jumped by a third in less than a year, the company said in a filing with securities regulators on Thursday.
Work to add 15,000 barrels per day (bpd) of capacity to a fluid catalytic cracker at the Philadelphia refinery had been budgeted at $300 million when Sunoco unveiled its 2006-08 capital expansion plan in December 2005. It is now expected to cost $400 million amid industrywide cost pressures.
The Philadelphia project and a planned 20,000 bpd expansion of Sunoco’s Toledo, Ohio refinery’s crude oil distillation unit will be completed in 2007 as planned, but a second phase expansion project at the Toledo refinery may be delayed or canceled, Sunoco said.
Here’s a link to more information,
http://today.reuters.com/news/articleinvesting.aspx?type=bondsNews&storyID=2006-11-02T201922Z_01_N02402280_RTRIDST_0_ENERGY-SUNOCO-COSTS-UPDATE-1.XML
By Robert Campbell
Nov 2 (Reuters)
