(MENAFN) Delta Air Lines Inc. announced that it will acquire an oil refinery from ConocoPhillips for USD180 million, a move that will let the carrier save USD300 million from jet fuel costs annually, reported Reuters.
The airline added that the acquisition of the Pennsylvania refinery would allow Delta to save on the cost of refining a barrel of jet fuel, which at the current time is over USD2 billion a year.
It also said that BP will supply crude oil to be refined under a 3-year deal, moreover, the oil giant and former refinery owner Phillips 66 will get a share of the gasoline, diesel and refined fuel to sell, in exchange for supplying the carrier with jet fuel in other locations.
It is worth noting that the world's second-largest air carrier's jet fuel costs reached USD12 billion in 2011.
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