6/4/2009

Valero Energy has indefinitely postponed plans for a $1.7 billion hydrocracker project at its Port Arthur, Texas, refinery in order to acquire a 45% share of a refinery in the Netherlands that already has a hydrocracker unit. The switch has dashed hopes for thousands of jobs and improvements in the Texas area's economy, but area officials say they had not budgeted for potential revenue from the project anyway.

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