Sun will retain Ohio refining/ marketing unit

Sun Co. Inc. last week disclosed it has called off plans for possible sale of its Toledo, Ohio, refining and products marketing system. Instead, the company will retain the system and strengthen it. Sun made the disclosure quickly after it failed to garner adequate bids for the 125,000 b/d Toledo refinery, a products pipeline running east and north from the refinery, 11 products terminals, and ownership or supply contracts with more than 900 Sunoco retail outlets. Bids, due Sept. 8, were below the value Sun places on the system. The company did not disclose the number or dollar amount of bids it received or identify bidders. It declined to reveal the value it places on the system. This is a good regional refining and marketing system, said Robert H. Campbell, Sun chief executive officer. Now that we have made a final decision to retain it, we intend to make it even better. The company recently set up the Toledo refining and marketing system as one of eight separate but not autonomous business units. Copyright 1995 Oil & Gas Journal. All Rights Reserved.