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10:16 am
Tue June 2, 2009

Refinery Sold

Tulsa, OK – NEW: Sunoco completes sale of Tulsa refinery to Holly

PHILADELPHIA (AP) Oil refiner Sunoco Inc. says it has completed the sale of its 85,000 barrel-per-day refinery in Tulsa, Okla., to Dallas-based Holly Corp. for $65 million.

Sunoco's chairman and CEO, Lynn Elsenhans, calls the move another step in Sunoco's efforts to realign its portfolio of assets and improve its competitiveness.

The company says the Tulsa refinery began production in 1913 and had been a part of Sunoco's refining system since 1968.

Shares of Sunoco rose 40 cents to $30.83 in afternoon trading. Holly Corp. shares increased 17 cents to $24.37.