Valero Abandons Refinery Acquisitions

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Valero Abandons Refinery Acquisitions

SAN ANTONIO, Texas -- Valero Energy Corp. announced at an investors meeting that it will not be pursuing the acquisition of two oil refineries it had originally expressed interest in, according to a report in the San Antonio Business Journal.

At an annual shareholders meeting in May, Valero CEO Bill Klesse announced an interest in the Lyondell-Citgo refinery, located in Houston. As part of a joint venture, Lyondell Chemical Co. and Citgo Petroleum Corp. invested $1 billion to enhance the refinery's capacity to 268,000 barrels of gasoline and other fuels per day.

Another facility, Vitol Group's Come-By-Chance refinery, located in Newfoundland, will not be acquired by Valero, according to the report. The refinery produces 105,000 barrels per day, specializing in production, refining and marketing.

Valero could not comment on the lost acquisitions. Mary Rose Brown, spokeswoman for Valero, told the San Antonio Business Journal that the company is "bound by confidentiality agreements."

Valero currently owns 18 refineries throughout the U.S., Canada and Caribbean, producing more than 3.3 million barrels per day. It also owns more than 4,700 c-stores under the names Valero, Diamond Shamrock, Shamrock, Ultramar and Beacon.