US energy major Sunoco has permanently closed its 150,000 barrel a day Eagle Point refinery at Westville, New Jersey, which has been inactive since November.
Prolonged weak demand for refined products and harsh market conditions, forced the closure on the refinery, which is also interconnected with its refineries at Philadelphia and Marcus Hook, Pennsylvania.
While Sunoco is considering options for the site, including biofuels production, product storage and handling operations will continue at Eagle Point.
The company said it expects to report a loss for Q1 2010 of $185-195 million (132.7-139.9 million).
Sunoco is also selling its polypropylene business to Brazil-based Braskem, which will pay $350 million cash for Sunocos PP plants in Marcus Hook; La Porte, Texas; and Neal, West Virginia.
The plants can produce a combined 2.1 billion lb/year of the polymer. Braskem also will acquire Sunocos Research and Technology Center in Pittsburgh.