PetroChina (PTR) reportedly is in talks to purchase Valero's (VLO) shuttered Aruba refinery for...

|About: PetroChina Company Limited (PTR)|By:, SA News Editor

PetroChina (PTR) reportedly is in talks to purchase Valero's (VLO) shuttered Aruba refinery for $350M plus working capital, as China's oil giants seek to take advantage of a global refining downturn to beef up supply. VLO's SEC filing did not disclose the name of the buyer. Sources say PTR already has reached a deal with Venezuela's oil company to supply the Aruba plant with heavy crude.