U.S.-based Delta Airlines will soon be the world's first air carrier to produce its own jet fuel.
Delta announced Monday it is buying a struggling oil refinery near Philadelphia from the Phillips 66 oil company for $150 million.
The refinery has been losing money and its owner had planned to shut it down, leading to thousands of job losses.
Delta chief Richard Anderson calls buying a refinery an innovative approach to managing the airline's largest expense.
Delta spent $12 billion on jet fuel last year, which was about 36 percent of its operating expenses.
Delta says making its own fuel will save it about $300 million a year.
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