Valero Finalizes Ethanol Plant Deal
The largest petroleum refiner in North America is now officially in the ethanol business.
The sale of five ethanol plants and a development site from bankrupt VeraSun to Valero Renewable Fuels officially closed at 12:01 a.m. CDT today. The facilities are located in Aurora, S.D.; Fort Dodge, Charles City, and Hartley, Iowa; and Welcome, Minn., and the development site is in Reynolds, Ind.
Valero Renewable Fuels is a subsidiary of Valero Energy Corporation, North America’s largest petroleum refiner and marketer based in San Antonio, Texas. Valero purchased the ethanol production facilities in Aurora, Fort Dodge, Charles City, Hartley and Welcome, in addition to the Reynolds site, for $350 million.
Valero also successfully bid $72 million for a facility in Albert City, Iowa facility and $55 million for one in Albion, Nebraska, which are expected to close in the coming weeks. VeraSun also expects to close on the sale of its remaining facilities in the next several weeks.
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