Valero Energy (NYSE:VLO) has closed a number of its refineries as Isaac looms.
Valero Energy Forced To Close Refineries
Valero Energy (NYSE:VLO) has closed two refineries in Louisiana in the wake of the threat of tropical storm Isaac.
The company shut down its 135,000 bpd Meraux refinery in LA and 270,000 bpd refinery in St. Charles, Norco as a precaution.
It has been forecast that Isaac will turn in to a hurricane later this week.
Valero Energy (NYSE:VLO) spokesman Bill Day said, “The Valero St. Charles Refinery and the Valero Meraux Refinery began the process of an orderly shutdown of their production units this morning as a precautionary measure in advance of Tropical Storm Isaac’s expected landfall. We expect to have that shutdown completed tonight. Refinery production will resume as soon as it is safe to do so”.
Valero Energy (NYSE:VLO) stocks were at 29.24 at the end of the last day’s trading. There’s been a 30.9% movement in the stock price over the past 3 months.