JPMorgan looks to unload oil-supply agreement

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

JPMorgan (NYSE:JPM) is in talks to sell its oil-supply agreement with Philadelphia Energy Solutions to Bank of America (NYSE:BAC).

Operated as a joint venture between Sunoco and the Carlyle Group (NASDAQ:CG), Philadelphia Energy Solutions is one of the largest refineries in the country, processing 330K barrels of crude a day.

Under the terms of the current agreement, JPMorgan supplies the refinery with crude oil and credit and receives refined fuel products that it can trade.