ATLANTA (AP) -- Delta Air Lines is in the fuel business now.
A Delta subsidiary closed its $180 million purchase of a Trainer, Pa., refinery from Phillips 66 on Friday.
The refinery near Philadelphia was shut down, and Phillips 66 was looking to sell it because it has been a money-loser. Delta plans to begin working after the July 4 holiday to restart the refinery and maximize the amount of jet fuel it makes.
The refinery is expected to restart in September, according to filings made with Pennsylvania utility regulators by the Delta subsidiary that will run it, Monroe Energy LLC. Delta said the refinery will hire back about 400 people.
The airline expects the refinery to help it save $300 million a year on its fuel bill. The refinery will meet 80 percent of Delta's U.S. jet fuel needs.
On Thursday, Pennsylvania's utility commission approved the sale of a related pipeline to Delta.
Shares of Atlanta-based Delta Air Lines Inc. fell 19 cents to close at $11.04. Phillips 66, the refining operation which was recently spun off from oil company ConocoPhillips, rose 71 cents, or 2.1 percent, to close at $34.19.
