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Texas-based Valero Energy Corporation has revealed that it is planning to sell its refinery in Aruba as it continues to carry out a strategic review of its current refining portfolio to maximize profits for shareholders.

In a company statement, Bill Klesse, Valero’s Chairman of the Board and Chief Executive Officer, said that the company was currently negotiating the potential sale of its Aruba refinery from where it also carries out bunkering operations. "We are working closely with a prospective buyer for the Aruba refinery and expect to have an announcement this quarter. We are also evaluating bids that we received for our Memphis and Krotz Springs refineries. In addition, we recently initiated a process to explore strategic alternatives for our Ardmore refinery."

Speaking about the future aims of the business, Klesse said “The refining business has always been seasonal, volatile, and cyclical. We will continue working toward excellence in safety, environmental regulatory compliance, and reliability, while also striving to lower expenses and improve our effectiveness. Everyday, we are very focused on improving long-term returns and creating value for our shareholders.”

Valero owns and operates 17 refineries throughout the U.S., Canada and the Caribbean with a combined throughput capacity of 3.1 million barrels of oil per day.