SAN ANTONIO, Texas, March 22 - Valero Energy Corp Chairman and Chief Executive Bill Klesse said the number of U.S. refineries may shrink if demand for motor fuel remains crushed by the current recession.
"If the current economic environment, which I expect to improve some, but if it stays this way and volumes tend to be under some pressure for the next couple of years, my answer would be yes, you're going seem some consolidation and you're going to seme marginal players that have some trouble competing," Klesse told Reuters.
Klesse said Valero, the No. 1 U.S. refiner, does see some European refineries coming up for sale that the company would be interested in pursuing.
Klesse also said there are no U.S. refineries on the market that interest the company with the possible exception of LyondellBasell's Houston refinery, which has been been mentioned as possibly for sale while its parent company restructures in bankruptcy.
"If the current economic environment, which I expect to improve some, but if it stays this way and volumes tend to be under some pressure for the next couple of years, my answer would be yes, you're going seem some consolidation and you're going to seme marginal players that have some trouble competing," Klesse told Reuters.
Klesse said Valero, the No. 1 U.S. refiner, does see some European refineries coming up for sale that the company would be interested in pursuing.
Klesse also said there are no U.S. refineries on the market that interest the company with the possible exception of LyondellBasell's Houston refinery, which has been been mentioned as possibly for sale while its parent company restructures in bankruptcy.
