Yes there was news item on thier 3Q07 Earnings filings about selling Aruba & few others like Krotz Springs, Three Rivers or Ardmore refineries.
<I sent it in last week for post – but will go ahead and add story now around Aruba sale.>
RE Sale – remember Valero picked up most of its refineries at 10 – 40 cents /dollar of cost type values (Aruba was ~ 15c/$1 at $715MM vs $2.4 B replacement value) – with construction cost at all time highs & oil producers shopping for facilities it is not suprising for them to want to cash out on the highs for refineries that do not fit as well within thier framework. Some mergers like Premcor which had refineries in Delaware & Pt Arthur that Valero wanted had several others that were part of package that were ~ free if you place a market value on assets Valero wants to keep.
And as article on Aruba mentions it does not produce any gasoline (no FCC or Reformer units) so even though they have expanded its coker capacity & it has visbreaker – it is low on complexity scale and will require lot more investments. Also Aruba has some exposure on crude supplies.