Valero Energy Corporation has said it will suspend refining operations at its 235,000 barrel-per-day oil refinery in Aruba.
The move was taken due to unfavorable refinery economics as the facility, which has been operating at reduced rates due to inadequate margins, resulting in financial losses.
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The company said it will maintain the refinery in a state which will allow for a restart, if economics improve in the future.
Valero is now considering an option to operate a terminal and storage operation at the site, following review of alternatives for the refinery over the last two years.
Valero chairman and CEO Bill Klesse said the company appreciates the efforts of Aruba’s Prime Minister, Henny Eman and his government in helping the company find an economic alternative that would allow continued operation of the refinery.
"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," said Klesse.
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By GlobalData
