Valero takes 2 refineries off market

12/4/2008 | Wall Street Journal, The

Valero Energy has backed off the sale of refineries in Memphis, Tenn., and Ardmore, Okla., but is still selling a refinery in Aruba. The refineries were listed for sale last year in the company's strategic review, but credit has gotten tighter for potential buyers since then and refiners' shares are down about 75%, on average, from a year ago.

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