Tighter, more disciplined Valero expected in 2008

摘要

Valero CEO Bill Klesse has admitted one of the worst-kept secrets in the refining business - his company may sell five more refineries and concentrate on managing and upgrading its 10 core facilities, as reported by Oil Express 07/02/07,05/14/07, and 01/15/07. He says Valero will become a smaller, more disciplined refiner, and raise money to fund strategic projects and boost the company's value on Wall Street. In an interview with the Wall Street Journal, Klesse did not specify which refineries were keepers but M&A sources familiar with Valero operations say at least eight plants can be identified as not for sale under any circumstances. Several others are said to be headed for a 2008 sale, and two are "on the bubble."