"We believe the changing nature of the energy paradigm in the U.S., coupled with a redefined operating model, can truly benefit this refinery," Carlyle managing director Rodney S. Cohen said at a news briefing Monday. Immediate upgrades at the 330,000-barrel-per-day refinery will require more than $200 million of new capital, he said, but he would not disclose the extent of Carlyle's total investment.