OSHUA FREED
AP Airlines Writer
Delta Air Lines Inc. says it will buy a refinery near Philadelphia as part of an unprecedented deal that it hopes will cut its jet fuel bill.
Delta is buying the Trainer, Pa. refinery from Phillips 66, a refining company being spun off from ConocoPhillips. Delta says a subsidiary will pay $150 million, including $30 million in job-creation assistance it is getting from the state of Pennsylvania.
Delta estimates the deal will cut its fuel bill by $300 million a year. Fuel has become the airline industry's biggest expense over the past few years.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Associated Press