Valero: Agreement reached on DE refinery sale
DELAWARE CITY, DE
Valero said Thursday that the deal, expected to close in the
second quarter, still needs regulatory approvals and the completion
of certain agreements with the state of Delaware.
San Antonio, Texas-based Valero announced in November that it
was halting operations at the refinery and laying off 550, but
agreed not to remove equipment while negotiations were under way.
Gov. Jack Markell's administration has been supporting efforts to
sell and reopen the refinery.
PBF is the investment arm of a partnership between Petroplus
Holdings AG, the Blackstone Group, and private equity firm First
Reserve to buy U.S. oil refineries. Petroplus is the largest
independent petroleum refiner and wholesaler in Europe.
