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SACRAMENTO, Calif.- According to the Wall Street Journal Valero Energy Corp. said it won't try to sell its two California refineries, but will instead attempt to bring in low-priced, domestically-produced crude to make them more profitable, the company's chief executive says.
Valero was trying to sell its Benicia refinery that produces 170,000 barrels-a-day, and its Wilmington refinery outside Los Angeles that produces 78,000 barrels-a-day as refiners in the state were preparing to deal with the impact of stringent emissions laws.
Valero's Chief Executive Officer Bill Klesse said there has been little buying interest shown for refineries in the heavily-regulated market.
