Valero Approved to Ship U.S. Oil to Quebec Refinery
This article is for subscribers only.
Valero Energy Corp. has received approval from the Commerce Department to ship crude from the U.S. Gulf Coast to its Quebec City refinery.
The 235,000-barrel-a-day refinery processes primarily light, low-sulfur crude from Europe and Africa, Bill Klesse, Valero’s chief executive officer, said during the company’s third-quarter earnings call on Oct. 30. Shipping costs from the Gulf Coast to Quebec averaged about $2 a barrel or less, he said. The company hasn’t transported any significant shipments yet, Bill Day, a San Antonio, Texas-based spokesman for the company, said today in an e-mail.