San Antonio, Texas-based Valero Energy has reached a $220 million (161 million) agreement to sell terminal assets in Delaware City, Delaware, US.
For sale: terminal operation assets and discontinued operations in Delaware City to the Delaware City Refining Company and Delaware Pipeline Company, wholly owned subsidiaries of PBF Energy Partners.
Valero will retain levels of remaining crude oil and refined products inventories that have not yet been liquidated.
The transaction is expected to close during Q2 contingent upon regulatory approvals, as well as the parties completion of certain agreements with the state of Delaware.
After the transaction closes, Valero will continue to supply its area customers via a terminalling agreement with the sites new owners.
Valero made the decision to permanently close and discontinue operations at the refinery in November 2009 after unsuccessfully seeking a buyer.