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The company plans to bankroll improvements at its most complex plants by selling off its least desirable assets. Valero sold its 120-year-old refinery in Lima, Ohio, for $1.9 billion in July 2007.
Klesse also said Valero has no plans to invest in the Krotz Springs and Memphis plants. Memphis needs a new fluid catalytic cracker because the unit must be shut for repairs every 18 months instead of the four-to-five-year timeframe Valero considers normal, he said. Crackers are a refinery’s primary gasoline-processing unit.