Wednesday, January 30, 2008

Quo vadis, Paulsboro (NJ) Refinery?

The Wilmington (DE) News Journal carried a report today that had to be a bit unsettling for management and employees at the Valero Refinery in Paulsboro, NJ. It read in part:

The nation's largest refiner is reassessing its plans for the Paulsboro Refinery along the Delaware River in New Jersey, part of an ongoing "hard look" at plants eligible for major improvements or open for a possible sale.

In a brief comment during a morning earnings briefing, Valero Energy Chief Executive Officer Bill Klesse stopped short of listing Paulsboro among the plants already under consideration for "strategic alternatives," a classification that includes sale.

But Klesse set Paulsboro apart from refineries considered to be "core" producers for Valero and those that are tightly integrated with core plants.

"Delaware City is a key refinery for us. We're trying very hard to improve it. The assets there have lots and lots of potential, and our people are doing a good job," Klesse said while outlining the company's fourth-quarter and year-end performance.

"However, at the Paulsboro Refinery, we're trying to decide what the long-term future is."

Here's the full News Journal story.
Also: Valero Rises After Profit Drops Less Than Estimated

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