Wednesday, September 03 08:33:30
JPMorgan Chase & Co is in talks to sell its oil-supply agreement with a major Philadelphia refinery to Bank of America Corp, the Wall Street Journal reported Tuesday, citing people familiar with the matter.
Under JPMorgan's deal with Carlyle Group-owned Philadelphia Energy Solutions, the company supplies the refinery with crude oil and credit and receives refined fuel products that it can trade, the Journal said.
According to the WSJ, discussions between the banks have been going on for a while and it is still possible they could fall apart.
The deal was supposed to be a part of JPMorgan's $3.5 billion sale of its physical commodities business to Swiss trading house Mercuria earlier this year.
However, sources told the WSJ that Philadelphia Energy refused to accept Mercuria as a partner in the arrangement, adding that Mercuria also was not interested in the business.
Both JPMorgan and Bank of America were unavailable for comment. (Reuters)
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