Blackstone President and COO Tony James recently spoke at an event celebrating the reopening of the PBF Delaware City Refinery. The refinery was closed in 2009 by its previous owner leaving hundreds out of work. Blackstone's willingness to invest risk capital to restart the refinery and execute a complete turnaround of the facility saved more than 700 jobs, will lead to the creation of thousands more secondary jobs and is already having a wide reaching impact on the Delaware community. Tony James said, “Saving this refinery is what private equity is all about. If we are going to get America going again we need to save struggling, traditional American businesses that employ thousands of people.”
New video content of the event is available here.