May. 9, 2012 (China Knowledge) - PetroChina Co Ltd<601857
>, China's largest oil producer, is in negotiations to take over an idled refinery in Aruba from Valero Energy, said sources familiar with the matter, Reuters reported.
Valero in a statement filed with the U.S. Securities and Exchange Commission that it had received a non-binding indication of interest to acquire the Aruba refinery for US$350 million plus working capital, without specifying the name of the buyer.
The sources said that the Chinese oil giant plans to restart and run the plant as a refinery instead of converting it to a storage facility. The Aruba refinery has a daily oil processing capacity of 235,000 barrels.
It was the second time for PetroChina to discuss the takeover of the refinery since January 2010.