The Aruba facility had been operating at reduced rates at a loss, and was widely considered a prime candidate for closure for many months. Valero will consider operating the property as a terminal and storage operation. The company will maintain the refinery “in a state that would allow a restart” but sources don’t see market conditions improving to where a party would be interested in processing crude at the plant.

The closure should not have a major impact on North American markets as few barrels from the Aruba facility had moved stateside in recent months.

Valero came very close to selling the refinery to Petrobras several years ago, but that company as well as other prospective buyers have backed off of any interest in the plant.