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Delta Buys Refinery in Bid to Cut Fuel Costs

by AP posted May 1 2012 9:17AM

<VIDEO> Delta Air Lines Inc. says it will buy a refinery near Philadelphia as part of an unprecedented deal that it hopes will cut its jet fuel bill.
 
Delta is buying the Trainer, Pa. refinery from Phillips 66, a refining company being spun off from ConocoPhillips. Delta says a subsidiary will pay $150 million, including $30 million in job-creation assistance it is getting from the state of Pennsylvania. 
 
Delta estimates the deal will cut its fuel bill by $300 million a year. Fuel has become the airline industry's biggest expense over the past few years.
Filed Under :
Topics : Business_Finance
Location : PennsylvaniaPhiladelphia
05/01/2012 9:17AM
Delta Buys Refinery in Bid to Cut Fuel Costs
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