By The Associated Press
Tuesday, September 8, 2009
Valero Energy Corp. says it's closing a portion of a Delaware refinery and laying off 150 employees and 100 contract workers until economic conditions improve.
The San Antonio, Texas-based company on Tuesday blamed the recession for the unprofitable performance of the coker and gasifier complex at the Delaware City refinery.
The coker operation will be closed until economics improve. Valero said the gasifier complex will be closed indefinitely.
Valero, the nation's largest independent refiner, in July said it could lose money for the rest of the year if the weak economy persists.
Shares of Valero rose 47 cents, or 2.6 percent, to $18.83 a share in late morning trading.