Valero Energy Corp. has entered into a purchase agreement with Orion Refining Corp. to acquire Orion’s 185,000 bpd refinery in Louisiana for $400 million and $100 million in working capital.

Both Valero and Orion board of directors have approved the deal, but with Orion filing for bankruptcy protection May 12, the bankruptcy court must also approve the sale. The Federal Trade Commission has already given its nod to the deal, with closing eyed for mid-summer.