The company is operating Benicia refinery in California’s San Francisco which has a 132,000 barrel-per-day (bpd) capacity and the 78,000bpd Wilmington refinery in Los Angeles area.
The company is considering the selling of the refineries because of the 2006 California law which mandates companies to upgrade their plants as per the new set standards of emissions.
As per the 2006 California law companies will have to match 1990 emission levels by 2020 and to achieve the levels, companies will have to invest millions of dollars.
The company has roped in Citigroup to find potential buyers for these refineries on its behalf, reported the Wall Street Journal.
Valero Energy owns a total of 16 petroleum refineries across Aruba, US, UK, and Canada.
