Aruba: Valero to Suspend Refining
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Wednesday, 21 March 2012 |
Valero has announced that it is suspending refining operations at its 235,000 bpd facility in Aruba. In a statement, the company noted that the site has been operating at reduced rates because of inadequate margins, resulting in financial losses, and added that the outlook for continued unfavourable refining economics drove its decision.
"Over the past two years, Valero has thoroughly evaluated all of its alternatives for the refinery and is now considering the possibility of operating a terminal and storage operation at the site. For the immediate future, Valero will maintain the refinery in a state that would allow a restart," said the firm. Operations will cease at the end of the month.
Valero Chairman and CEO Bill Klesse (pictured) praised the work of Aruba's Government to support the refinery. "We appreciate the diligent and incredible efforts of Prime Minister Eman and his government in helping Valero find an economic alternative that would allow continued operation of the refinery," he said. "If it had not been for the efforts of the Prime Minister, the refinery would not have restarted in late 2010 and operated over the past 15 months. Our discussions with interested parties, including those facilitated by the Government of Aruba, will continue."
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