RPT-INSIGHT-Refiner goes belly-up after big payouts to Carlyle Group [Reuters (UK)]
The Carlyle Group Inc. (CG)
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Source: Reuters
RPT-INSIGHT-Refiner goes belly-up after big payouts to Carlyle Group | Reuters Reuters Staff 9 Min Read (Repeats for additional clients with no changes to text) By Jarrett Renshaw NEW YORK, Feb 20 (Reuters) - Throughout 2016 and 2017, a rail terminal built to accept crude oil for the largest East Coast refinery often sat idle, with few trains showing up to unload. Although little oil flowed, plenty of money did. Under a deal Philadelphia Energy Solutions (PES) signed in 2015, the refiner paid minimum quarterly payments of $30 million to terminal owner North Yard Logistics LP - even if little crude arrived. Much of that cash, in turn, flowed to the investors that own both PES and North Yard, led by the Carlyle Group, a global private equity firm with $178 billion in assets. The deal in effect guaranteed lucrative payouts to Carlyle regardless of whether the refinery benefitted from the arrangement. When oil market conditions made the rail shipments unprofitable later that year, the ref
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