Blackstone Blog

Oct 11, 2011

Blackstone President and COO Tony James comments on the critical role private equity played in reopening the Delaware City Refinery

“Saving this refinery is what private equity is all about.  It's great that a couple of 20-year-olds can start a web site in a garage and make billions of dollars with venture capital.  But if we are going to get America going again, we need to save struggling, traditional American businesses that employ thousands of people.  And to do that, we need patient equity in large amounts that provide strong capital bases. Only private equity can fill this need.  The 2000 jobs potentially created by this reopening are a win for the pension funds we manage, the workers here at the refinery, the State of Delaware and the economy of the U.S.  Let's use it as a model for the future.”