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Tuesday, Aug. 4, 1998
Business Briefs
Valero Energy's purchase of Mobil refinery delayed
From staff and wire reports
SAN ANTONIO - Valero Energy Corp. said Monday that its $336 million purchase of Mobil Corp.'s Paulsboro, N.J., refinery has been delayed about two weeks for the completion of paperwork.
Valero agreed in May to pay $228 million in cash for the refinery and $108 million for inventory and working capital. The purchase originally was to be completed by Aug. 1.
San Antonio-based Valero owns four refineries in Texas and Louisiana with total capacity of more than 500,000 barrels a day. (Valero is involved primarily in refining of high-sulfur atmospheric residual oil into premium products, such as unleaded gasoline, at its specialized refinery in Corpus Christi. Valero also has a gas processing plant at Freer.)
GM will sell Delphi parts division to focus on autos
DETROIT - General Motors Corp. will sell off its Delphi parts business next year, further reducing the size of the No. 1 automaker as part of the company's effort to focus on making cars and trucks.
Early next year, the company will offer up to 20 percent of Delphi Automotive Systems in a public stock offering, then turn over the remaining part of the company to GM shareholders.Post your comments about local news eventsFront Page || Main Index || News || Business || Texas || South Texas Outdoors || Birdwatching || Sports || Entertainment || Selena || Education || South Texas Attractions || World Wide Web