On December 4, 2009
Valero Energy Sours on Heavy Crude, Sweet on Ethanol
Valero Energy announced the permanent closing of its Delaware City refinery last month, prompted by financial losses and annual cost savings of $450 million expected from the shutdown. Though refinery operations are struggling with soured demand for petroleum products, including gasoline, its nascent ethanol business looks sweet. Is there a profitable future in biofuel for the nation’s largest oil refiner?
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