Sunoco looks to divest chemicals business

The CEO of American refiner Sunoco Inc. has indicated that the company would like to sell its chemical business.

According to media reports, Sunoco CEO Lynn Elsenhans said that rival companies and private equity firms have expressed an interest in evaluating the chemicals business.

The company’s chemicals unit earned a profit of $26 million in 2007, and operates several facilities in the U.S.

“If we don’t get a buyer who can get it done, we will continue to run it,” said Elsenhans according to Reuters.

If a sale does go ahead, Elsenhans has indicated that the company would use the funds to invest in “more profitable businesses.”