Delta buys fuel refinery

CNN
Tuesday, May 1, 2012 - 5:50am

Delta Air Lines latest effort to cut costs includes buying an oil refinery.

A subsidiary of the airline called Monroe Energy L-L-C reached a deal to purchase the refinery south of Philadelphia. 

Monroe Energy will pay 150-million-dollars for the refinery and receive 30 million dollars in assistance from the state of Pennsylvania for job creation and infrastructure improvement.

Delta expects owning a refinery to save the company 300-million-dollars in fuel costs each year. 

The refinery was shut down in the fall, because it could not process the cheaper, heavier types of oil that are increasingly in supply.
 

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