PHILADELPHIA--(BUSINESS WIRE)--Philadelphia Energy Solutions (“PES”) today issued the following statement regarding the outcome of today’s court hearing confirming the settlement reached with the United States Department of Justice on behalf of the Environmental Protection Agency.
“We are pleased with the Court’s decision today to approve the agreement to alleviate a portion of PES’s RINs burden from 2017, and appreciate the EPA’s and Department of Justice’s continued support for the settlement. This is another important milestone in our quest to strengthen our financial foundation and ensure that PES can successfully emerge from the restructuring process. We are grateful for our many advocates, including the City of Philadelphia, the Commonwealth of Pennsylvania, elected officials at all levels of government, the United Steelworkers and Building Trades, our valued employees, community, customers and suppliers for their unwavering support. During the comment period, the DOJ received over 1,300 comments, an overwhelming number of which supported the settlement. While this settlement is only a partial and temporary reprieve, we are hopeful that action will be taken by policymakers to address the flaws in the Renewable Fuel Standard program’s RIN compliance mechanism that adversely impacts independent refineries across the country.”
About Philadelphia Energy Solutions Refining & Marketing LLC
Philadelphia Energy Solutions (PESRM) owns and operates the Point Breeze and Girard Point oil refineries located on an integrated, 1,300 acre refining complex in Philadelphia. The 335,000 barrels per day of combined capacity makes PESRM the largest refining complex on the Eastern Seaboard.
Source: Philadelphia Energy Solutions