Valero to Sell Assets to Win OK for Acquisition

Valero, the fuel transporter controlled by refiner Valero Energy Corp., agreed to sell five oil products terminals and a pipeline system to gain approval from antitrust regulators for its $2-billion acquisition of Kaneb Services and Kaneb Pipe Line Partners.

San Antonio-based Valero said it would sell to third parties Kaneb’s refined products terminals in Paulsboro, N.J.; Philadelphia; Martinez, Calif.; and Richmond, Calif. The company will also sell Kaneb’s West Pipeline system and associated terminals.