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," "expect," "should," "estimates," and other similar expressions identify forward-looking 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
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Source: Valero Services Inc via Thomson Reuters ONE