January 21, 2020 / 5:19 PM / a month ago

EXCLUSIVE-Philadelphia refinery expected to be sold to real estate developer -sources

NEW YORK, Jan 21 (Reuters) - The bankrupt Philadelphia Energy Solutions is expected to sell its fire-damaged refinery site to real estate developer Hilco Redevelopment Partners, three sources familiar with the situation said on Tuesday.

The agreement between PES and Hilco, a Chicago-based developer, is expected to be announced later on Tuesday. PES and Hilco did not immediately respond to requests for comment.

The sale reduces the possibility that the more-than 1,300-acre Philadelphia site would be resurrected as an oil refinery, but it is possible that Hilco could lease it to a refinery, biofuels or other heavy industrial operation, the sources said. (Reporting by Laila Kearney; editing by Jonathan Oatis)

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