Airline buys refinery to help cut fuel bill

Delta Air Lines said that it will buy a refinery near Philadelphia in the hope of slicing $300m (€226.6m) a year from its jet fuel bill.

Delta said a subsidiary will buy the Trainer, Pennsylvania, refinery from Phillips 66, a refining company being spun off from ConocoPhillips.

Delta is paying $150m (€113.3m), including $30m (€22.6m) in job-creation assistance it expects to get from the state of Pennsylvania.