In a statement, the head of Valero Energy Corp would not be selling off its two refineries located in California. This confirmation ends months of rumors claiming the owners were shopping the refineries to prospective buyers.
According to Valero CEO Bill Kleese, "No, we're not. It didn't seem like the right thing for our shareholders. There aren't a lot of buyers and there's not a lot of value." The statement was made during the San Antonio conference of the American Fuel and Petrochemical Manufacturers.
The two refineries in question are the San Francisco area refinery in Benicia producing 132, 000 barrels per day and the Wilmington, LA based refinery with a capacity of 78,000 barrels per day. The rumored sale was a reaction to the 2006 California emissions law requirements that would cost the company hundreds of millions to upgrade and comply with the new regulations.
Kleese reiterated, "There's nothing going on."
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