Philadelphia Energy Solutions LLC retired founder, Chairman and CEO Philip Rinaldi has formed Philadelphia Energy Industries in order to pursue the acquisition of the shuttered 335,000-barrel-per-day Philadelphia refinery site and business that is currently under Chapter 11 bankruptcy proceedings, according to an Aug. 28 release.
"My focus and drive in pursuing this acquisition is to revitalize, modernize, and develop the site and the strategic refinery business that has existed there for decades to their full potential," Rinaldi said.
In addition, Philadelphia Energy Industries entered into a mutual cooperation agreement with energy infrastructure developer RNG Energy Solutions LLC on the prospect of developing certain renewable fuels and other "green energy" projects, which will be done alongside restarting the Point Breeze and Girard Point Refineries provided that the acquisition is successful.
RNG Energy is currently pursuing the development of a renewable energy project on a 23-acre portion of the refinery property and is in the process of acquiring the necessary permits. It plans to construct a $120 million anaerobic digester facility called the Point Breeze Renewable Energy facility, which will produce renewable natural gas that will be injected into the interstate pipeline and sold as a transportation fuel for bus and truck fleets. The firm executed a lease on the 23-acre portion of the refinery property in 2018, the release said.
The announcement follows reports that biofuels firm S.G. Preston Company is looking to buy the refinery and convert a portion of the plant to produce renewable diesel, marine diesel and jet fuels.
