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Valero not seeking sale of California refineries says CEO

Home Forums Refining Community Refinery News Valero not seeking sale of California refineries says CEO

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    Anonymous
    • Sale did not seem right for shareholders – CEO
    • Valero looking to equip Benicia and Wilmington for crude-by-rail
    • Spinoff of retail operations targeted for May 1

    March 19 (Reuters) – The head of Valero Energy Corp said on Monday his company is not pursuing a sale of its two California refineries, putting an end to months of speculation over whether the refining major was seeking buyers for the two plants.
     
    Instead, Valero is looking to equip both refineries with infrastructure to handle crude oil shipments by rail. The company is applying for permits to bring rail into Wilmington and Benicia, Klesse said, estimating potential crude-by-rail shipments at 30,000 to 50,000 bpd.
     
    Elsewhere, Klesse said a planned spinoff of the company’s 1,900 retail fuel stores in the United States and Canada into a separate business is being targeted for completion by May 1. The company is awaiting a letter from the Internal Revenue Service ensuring favorable tax treatment for the deal and “we anticipate getting it very quickly,” Klesse said.
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