Valero sells Krotz Springs refinery to Alon USA Energy

Jul 08, 2008 (Datamonitor via COMTEX) -- VLO | Quote | Chart | News | PowerRating -- Oil refiner and fuel marketer Valero Energy has sold its Krotz Springs refinery in Louisiana to Alon USA Energy.

Valero has received $333 million plus $143 million as part of an initial payment toward working capital, which will be settled with a final adjustment payment within 90 days of closing.

Valero also received an earn-out provision, which the company has hedged to lock-in a value of approximately $200 million.

Previously, Valero had announced that it would explore strategic alternatives for the Krotz Springs refinery.

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