Valero not seeking sale of California refineries - CEO

March 19 Mon Mar 18, 2013 10:21pm EDT

March 19 (Reuters) - The head of Valero Energy Corp said on Monday his company is not pursuing a sale of its two California refineries, putting an end to months of speculation over whether the refining major was seeking buyers for the two plants.

Valero's 132,000 barrels-per-day (bpd) San Francisco-area refinery in Benicia and 78,000 bpd Los-Angeles-area refinery in Wilmington had been rumored to be up for sale because of a 2006 California emissions law that could cost the company hundreds of millions of dollars in upgrades.