Valero Energy Corporation (NYSE: VLO) announced today it is in advanced negotiations to sell in place the assets of its terminal operation and discontinued operations in Delaware City to PBF Investments, LLC.

Valero halted operations at the refinery in November. Valero has agreed that no removal of process equipment will take place while negotiations are under way.

“We have worked very closely with Gov. Markell, who has been instrumental in furthering these negotiations,” said Valero Chairman and CEO Bill Klesse.

There is no specific timetable for when negotiations might be completed. The parties are continuing their discussions.

Valero Energy Corporation is a Fortune 500 company based in San Antonio with approximately 21,000 employees. The company operates 15 refineries with a combined throughput capacity of approximately 2.8 million barrels per day. Valero is also a leading ethanol producer with nine ethanol plants in the Midwest with a combined capacity of 780 million gallons per year, and is one of the nation’s largest retail operators with approximately 5,800 retail and branded wholesale outlets in the United States, Canada and the Caribbean under the Valero, Diamond Shamrock, Shamrock, Ultramar, and Beacon brands.  Please visit www.valero.com for more information.