Valero shuts ethanol plants, declares force majeure due to virus - Bloomberg

Mar. 25, 2020 4:05 PM ETValero Energy Corporation (VLO)VLOBy: Carl Surran, SA News Editor33 Comments
  • Valero Energy (VLO +13.7%) is closing at least two of its ethanol plants and declaring force majeure on shipments of dried distillers grains or corn purchases, Bloomberg reports.
  • The company is temporarily closing its plants in Albion, Neb., and Albert City, Iowa, after the coronavirus hurt gasoline demand worldwide, according to the report.
  • Valero reportedly cites physical restraints to move or store corn ethanol as reasons for the plant closures, as tank availability has "severely declined" due to excess gasoline and ethanol supplies.

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