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UPDATE: Valero starts 90,000 b/d Houston unit; Port Arthur work set for 3Q
HOUSTON, July 26, 2016 (PCW) -– Valero on Tuesday said it had completed and brought online its new 90,000 b/d crude unit at the 245,000 b/d Houston refinery.
Valero already has three existing crude units at the refinery with a combined capacity of 230,000 b/d.
The new unit cost $400 million.
Additionally, the company said it would take down several major units at its 292,000 b/d Port Arthur refinery for a turnaround in the third quarter. Its two crude units (combined capacity: 310,000 b/d) and 100,000 b/d coker would be coming down. The maintenance is expected to last through the fourth quarter.
On Tuesday, the San Antonio-based refiner reported second-quarter net income of $814 million, down nearly 40% from the $1.351 billion seen in the year-ago period. The decrease was due to weaker gasoline and distillate margins and the reduced run rates at its 235,000 b/d Aruba refinery. -- Samantha Hartke