2012-12-18 22:29:07 -
SAN ANTONIO, Dec. 18, 2012 - The new hydrocracker unit at the Valero Port Arthur
Refinery has successfully and safely begun operations and is increasing toward
planned rates on schedule. The new hydrocracker unit's throughput is rated at
60,000 bpd, but permit constraints effectively limit throughput to 57,000 bpd.
A 60,000 bpd hydrocracker is under construction at the Valero St. Charles
Refinery, and it remains on schedule to be in operation during the second
quarter of 2013.
The hydrocrackers were designed to capitalize on high crude oil and low natural
gas prices, and produce primarily diesel to meet growing demand in both domestic
and export markets. Each of the
units cost about $1.5 billion to construct.
Valero is pursuing projects and permits to expand throughput capacity to 75,000
bpd at each of the new hydrocrackers. The expansion projects are expected to be
complete in 2015 with successful permitting.
Valero Energy Corporation, through its subsidiaries, is an international
manufacturer and marketer of transportation fuels, other petrochemical products
and power. Valero subsidiaries employ approximately 22,000 people, and assets
include 16 petroleum refineries with a combined throughput capacity of
approximately 3 million barrels per day, 10 ethanol plants with a combined
production capacity of 1.2 billion gallons per year, and a 50-megawatt wind
farm. Approximately 6,800 retail and branded wholesale outlets carry the Valero,
Diamond Shamrock, Shamrock and Beacon brands in the United States and the
Caribbean; Ultramar in Canada; and Texaco in the United Kingdom and Ireland.
Valero is a Fortune 500 company based in San Antonio. Please visit
www.valero.com for more information.
Statements contained in this release that state the company's or management's
expectations or predictions of the future are forward-looking statements
intended to be covered by the safe harbor provisions of the Securities Act of
1933 and the Securities Exchange Act of 1934. The words "believe,"
"should," "estimates," and other similar expressions identify
statements. It is important to note that actual results could differ materially
from those projected in such forward-looking statements. For more information
concerning factors that could cause actual results to differ from those
expressed or forecasted, see Valero's annual reports on Form 10-K and quarterly
reports on Form 10-Q, filed with the Securities and Exchange Commission and on
Valero's website at www.valero.com.
Investors: Ashley Smith, Vice President - Investor Relations, 210-345-2744
Media: Bill Day, Executive Director - Corporate Communications, 210-345-2928
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Valero Services Inc via Thomson Reuters ONE