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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: HH who wrote (19059)	4/14/1998 8:26:00 PM
From: Broken_Clock	Respond to of 95453

HH iqc.com

To: HH who wrote (19059)	4/14/1998 8:27:00 PM
From: Teddy	Respond to of 95453

OT for this thread: VLO, small news is big news NEW YORK (Dow Jones)--Valero Energy Corp. (VLO) is in advanced talks with Mobil Corp. (MOB) to buy the latter's 126,000-barrel-a-day refinery in Paulsboro, N.J., a company source said Monday. The plant would give the Gulf Coast refiner and producer of gasoline additive methyl tertiary butyl ether better access to New York area markets even as it hopes to leap into the West Coast market through the acquisition of Shell Oil Co.'s 100,500-b/d refinery in Anarcotes, Wash. The Valero source said the company was 'dead serious' about buying Shell's plant, though he conceded it faced 'strong competition' from other bidders. The Federal Trade Commission had asked Shell, the U.S. arm of Royal Dutch Petroleum Co. (RD), to sell the plant as a condition to its downstream joint-venture with Texaco Inc. (TX) in the West Coast, Equilon Enterprises LLC, which went into effect earlier this year. Valero spokeswoman Mary Rose Brown said only that both plants fit the company's criteria for a possible expansion. Valero had earlier confirmed having a strong interest in the Anacortes refinery and having visited the plant. Mobil spokeswoman Ida Walker declined to comment, citing corporate policy, while Shell spokeswoman Sarah Payne allowed only that Shell hoped to sign a deal by midyear. The company said last month it had narrowed the list of bidders for its Washington facility to 'less than 10.' Media reports identified two other San Antonio-based refiners, Ultramar Diamond Shamrock Corp. (UDS) and Tesoro Petroleum Corp. (TSO), as bidders for the Anacortes refinery. Clark USA Inc. of St. Louis is also bidding for the plant, according to press reports.