US Valero may complete separation of retail business by Q2 2013

30 October 2012 21:49  [Source: ICIS news]

HOUSTON (ICIS)--US-based refiner Valero could complete the separation of its retail business by the beginning of the 2013 second quarter, the company said on Tuesday.

Valero could separate the business by selling it or spinning it off as a separate company.

Later this year, Valero expects to file a registration statement with the US Securities and Exchange Commission (SEC), one of the preliminary steps in spinning off a business unit as a separate company.

However, CEO Bill Klesse said that the company only has board approval to analyse a separation of the retail operations.

"I know we've used the words that things are moving forward, but we do not even have board approval for a separation," Klesse said. "We have board approval to look at this."

He made his comments during an earnings conference call. 

By: Al Greenwood
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