Valero Says It Received $350 Million Offer For Aruba Refinery

Date : 05/09/2012 @ 10:30AM
Source : Dow Jones News
Stock : Valero Energy Corp. (VLO)
Quote : 67.01  1.78 (2.73%) @ 1:04PM

Valero Says It Received $350 Million Offer For Aruba Refinery

Valero (NYSE:VLO)
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Valero Energy Corp. (VLO) has received an offer of $350 million for the idled refinery in Aruba it has been trying to sell for years, according to a government filing.

The filing with the U.S. Securities Exchange Commission didn't name the potential buyer, saying only that it had "experience in the refining and marketing industry."

"Due diligence process is currently ongoing and no final agreement has been reached to sell the refinery," Valero said in the filing.

The Aruba plant, which only partially refines crude oil, has been a constant money loser for San Antonio-based Valero. After a January restart, Valero suspended operations at the 235,000 barrel-a-day refinery in March because of the poor economics of the plant.

-By Ben Lefebvre, Dow Jones Newswires; 713-547-9201; ben.lefebvre@dowjones.com; Twitter: @bjlefebvre

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