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Delta will buy the Phillips 66 Oil refinery for a sum of $150,000,000. This marks the first time a major airline carrier has purchased an oil refinery. The moves comes as Delta continues to try and decrease costs with the rising prices for fuel.
Delta has been in talks to buy a Pennsylvania oil refinery but has come to an agreement to acquire the asset. In addition to the purchase price, Delta will invest up to $100,000,000 to optimize the refining production at the facility to meet their objectives.
The Atlanta Business Chronicle reports that the refinery production will meet 80 % of Delta jet fuel needs. You can read the rest of the interesting article over at the Atlanta Business Chronicle.