Delta Air Lines (DL, Atlanta Hartsfield Jackson) is looking to sell a stake in its Monroe Energy subsidiary with investment banks Barclays and Jefferies having since been enlisted to manage the sale process.

Sources familiar with developments told Reuters that the banks have already begun talking with potential investors.

Monroe Energy owns an oil refinery in Trainer, Pennsylvania that it acquired from ConocoPhillips for USD150 million back in 2012. At the time, Delta planned to use its output to drive down its fuel bills at a time when oil averaged USD100+ per barrel. Aside from the USD150 million investment, Delta spent a further USD100 million in retooling the plant to expand its jet fuel production capabilities.

The refinery has an output of 185,000 barrels per day and, aside from Jet A1, also produces gasoline and diesel. It also has connections to jet fuel depots at New York Newark and New York JFK.