January 22, 2010 at 11:16 am #2790
Please see the information below about assets at Delaware City.
Executive Director of Media Relations
Valero Energy Corporation
(210) 345-2928 office
(210) 621-7191 mobile
FOR IMMEDIATE RELEASE CONTACTS:
Bill Day (Media)
Ashley Smith (Investors)
VALERO IN NEGOTIATIONS TO SELL DELAWARE CITY ASSETS
DELAWARE CITY, DEL., Jan. 22, 2010 – Valero Energy Corporation (NYSE: VLO) announced today it is in advanced negotiations to sell in place the assets of its terminal operation and discontinued operations in Delaware City to PBF Investments, LLC.
Valero halted operations at the refinery in November. Valero has agreed that no removal of process equipment will take place while negotiations are under way.
“We have worked very closely with Gov. Markell, who has been instrumental in furthering these negotiations,” said Valero Chairman and CEO Bill Klesse.
There is no specific timetable for when negotiations might be completed. The parties are continuing their discussions.
Valero Energy Corporation is a Fortune 500 company based in San Antonio with approximately 21,000 employees. The company operates 15 refineries with a combined throughput capacity of approximately 2.8 million barrels per day. Valero is also a leading ethanol producer with seven ethanol plants in the Midwest with a combined capacity of 780 million gallons per year, and is one of the nation’s largest retail operators with approximately 5,800 retail and branded wholesale outlets in the United States, Canada and the Caribbean under the Valero, Diamond Shamrock, Shamrock, Ultramar, and Beacon brands. Please visit http://www.valero.com for more information.
January 22, 2010 at 5:26 pm #5812
FYI – some add info from a contact on the PBF Investment group
He’s Back!!!!! Seems our old friend O’Malley is leading PBF Investment group making the buy offer on Delaware coking refinery.
Thomas O’Malley – leading PBF Partners leadership team (& currently Chairman of EU’s Petroplus)
Rest Leadership team:
Ed Jacoby – Sr VP Mkt & Logistics (previously Premcor similar position & also with Tosco & COP )
Ken Isom – Sr VP Strategic Projects & Operations (operates own Engr Consulting firm since 2005)
Matthew Lucey – VP Financial Analysis (formerly Managing Dir ME Zukerman & Co)
James Yates – VP Strategic Analysis (from Sprague Energy Corp – managing Lt Oils USGC & previously worked at Premcor, Tosco, Unocal, & Texaco)
These guys have lot background so this is very abreviated version of thier history.
January 24, 2010 at 1:38 pm #5810
Petroplus’s Investment Vehicle, PBF Investments, is in Negotiations to Purchase Delaware City Refinery Assets
Press Release Source: Petroplus Holdings AG On Friday January 22, 2010, 1:13 pm EST
ZUG, Switzerland–(BUSINESS WIRE)–Regulatory News:
Petroplus Holdings AG announced today that its investment vehicle, PBF Investments, LLC. is in negotiations to purchase the terminaling assets and shut down refinery assets in Delaware City from the Valero Energy Corporation. There is no specific timetable for the completion of the negotiations and the parties are continuing their discussions.
Petroplus Holdings AG is the largest independent refiner and wholesaler of petroleum products in Europe. Petroplus focuses on refining and currently owns and operates six refineries across Europe: the Coryton Refinery on the Thames Estuary in the United Kingdom, the Belgium Refining Corporation Refinery in Antwerp, Belgium, the Petit Couronne Refinery in Petit Couronne, France, the Ingolstadt Refinery in Ingolstadt, Germany, the Reichstett Refinery near Strasbourg, France, and the Cressier Refinery in the canton of Neuchtel, Switzerland. The refineries have a combined throughput capacity of approximately 752,000 barrels per day. The company also owns the Teesside facility in Teesside, United Kingdom.
Tom Trovato, +41 58 580 1166
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