"We would like to explore the possibilty of both manufacturing and marketing biofuels in this region," Sunoco ceo Lynn Elsenhans told analysts last night after shocking employees by announcing she'll shutter Sunoco's nonunion Eagle Point NJ refinery, idling 400 nonunion oil workers, across the Delaware from Philadelphia. Harold Brubaker's story here, Sunoco statement here.
"As we look at new technologies in the biofuels area," Elsenhans said later, "Vince (Kelly, former head of refining, now chief engineer) will be instrumental in helping us build those capabilities."
She's not saying Eagle Point will make biofuels. She says it might. Or it might return to making oil, if profit margins improve.
Biofuels would be a radical change, but with the economy still weak, and oil refining moving to cheaper sites overseas, Elsenhans has made a string of radical moves: layoffs, a 50% dividend cut, and the possible sale of Sunoco Chemicals (and its plants in Bridesburg).
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