Valero Energy Corp. is in advanced negotiations to sell the assets of a Delaware oil refinery it is shutting down, officials said.
The company said Friday that it hopes to announce a deal soon with Greenwich, Conn.-based PBF Investments LLC.
The negotiations involve assets of Valero's terminal operation at the Delaware City refinery and equipment from discontinued refinery operations.
San Antonio, Texas-based Valero announced in November that it would halt operations at the refinery and lay off 550 workers because of poor economic conditions. Demand for fuel has been falling for some time and the recession has made things worse, squeezing profit margins for companies like Valero. The company said it tried, but failed to find a buyer.
Delaware Gov. Jack Markell has been working with state economic development officials to try to find a new owner for the refinery site.
A Markell spokesman declined comment Friday.
Valero is the country's largest independent oil refinery. The company had cut 150 jobs at the refinery in September.
