PHILADELPHIA, June 16 /PRNewswire-FirstCall/ -- Sunoco, Inc. (NYSE: SUN)
said today that it will implement significant environmental improvement
projects at its Philadelphia, PA, Marcus Hook, PA, Toledo, OH, and Tulsa, OK
refineries that will reduce emissions of SO2 (sulfur dioxides) and NOx
(nitrogen oxides) by approximately 78 percent. It is anticipated that the
Company will make capital expenditures of approximately $275 million over a
period of eight years in connection with the improvement projects.
(Logo: http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006 )
These projects, which will involve the installation of state-of-the-art
emission control technology, are part of a recent settlement with the U.S.
Environmental Protection Agency (EPA) under the Clean Air Act. Sunoco
believes that it is in full compliance with all environmental regulations and
agreed to move forward because it considers these additional actions good for
the environment and energy security. This agreement allows Sunoco to
facilitate additional new investments that will enable it to serve the energy
markets more effectively and efficiently.
"Sunoco is proud of the steady progress that we have made in improving the
safety, reliability and environmental integrity of our operations," said Joel
H. Maness, Senior Vice President, Refining and Supply. "While our
environmental stewardship has markedly improved over recent years, we have
also been working diligently with EPA, the Pennsylvania Department of
Environmental Protection (PADEP), the City of Philadelphia Office of Air
Management Services (AMS), the Ohio Environmental Protection Agency (OEPA),
and the Oklahoma Department of Environmental Quality (ODEQ) on this settlement
to create a long-term plan for significant and sustainable emissions
reductions. These additional environmental improvement projects are closely
aligned with Sunoco's internal management systems for operations excellence
and will help ensure we achieve pacesetter performance in areas essential to
the Company's overall performance."
The discussions with the various agencies have been under the federal
comprehensive refinery enforcement action initiated by EPA in late 1999. The
EPA program targeted the petroleum, paper, and utility industries. Numerous
other refining companies have entered into similar binding Consent Decrees
which have realized substantial reduction of air emissions around the country.
Sunoco, Inc., headquartered in Philadelphia, PA, is a leading manufacturer
and marketer of petroleum and petrochemical products. With 900,000 barrels per
day of refining capacity, approximately 4,800 retail sites selling gasoline
and convenience items, over 4,300 miles of crude oil and refined product owned
and operated pipelines and 38 product terminals, Sunoco is one of the largest
independent refiner-marketers in the United States. Sunoco is a significant
manufacturer of petrochemicals with annual sales of approximately five billion
pounds, largely chemical intermediates used to make fibers, plastics, film and
resins. Utilizing a unique, patented technology, Sunoco also has the capacity
to manufacture over 2.5 million tons annually of high-quality metallurgical-
grade coke for use in the steel industry. For additional information visit
Sunoco's Web site at http://www.SunocoInc.com.
Those statements made in this release that are not historical facts are
forward-looking statements intended to be covered by the safe harbor
provisions of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Although Sunoco believes that the assumptions
underlying these statements are reasonable, investors are cautioned that such
forward-looking statements are inherently uncertain and necessarily involve
risks that may affect Sunoco's business prospects and performance causing
actual results to differ from those discussed in the foregoing release. Such
risks and uncertainties include, by way of example and not of limitation:
general business and economic conditions; competitive products and pricing;
effects of weather conditions and natural disasters on the Company's operating
facilities and on product supply and demand; changes in refining, marketing
and chemical margins; variation in petroleum-based commodity prices and
availability of crude oil and feedstock supply or transportation; effects of
transportation disruptions; changes in the price differentials between light-
sweet and heavy-sour crude oils; fluctuations in supply of feedstocks and
demand for products manufactured; changes in product specifications;
availability and pricing of oxygenates; phase-outs or restrictions on the use
of MTBE; changes in operating conditions and costs; changes in the expected
level of environmental capital, operating or remediation expenditures; age of,
and changes in the reliability and efficiency of, the Company's or a third
party's operating facilities; potential equipment malfunction; potential labor
relations problems; the legislative and regulatory environment; ability to
identify acquisitions, execute them under favorable terms and integrate them
into the Company's existing businesses; ability to enter into joint ventures
and other similar arrangements with favorable terms; plant construction/repair
delays; nonperformance by major customers, suppliers, dealers, distributors or
other business partners; changes in financial markets impacting pension
expense and funding requirements; political and economic conditions, including
the impact of potential terrorist acts and international hostilities; and
changes in the status of, or initiation of new, litigation. These and other
applicable risks and uncertainties have been described more fully in Sunoco's
First Quarter 2005 Form 10-Q filed with the Securities and Exchange Commission
on May 5, 2005 and in other periodic reports filed with the Securities and
Exchange Commission. Sunoco undertakes no obligation to update any forward-
looking statements in this release, whether as a result of new information or
future events.
SOURCE Sunoco, Inc.
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Related links:
http://www.SunocoInc.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006
PRN Photo Desk, photodesk@prnewswire.com
Company News On-Call:
http://www.prnewswire.com/comp/829144.html
CONTACT:
Jerry Davis (media), +1-215-977-6298, or
Terry Delaney (investors), +1-215-977-6106, both of Sunoco
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