On Friday (1/22), Valero Energy Corp. announced that it is in advanced negotiations to sell in place the assets of its terminal operation and discontinued refinery operation in Delaware City, Delaware, to PBF Investments.

Valero halted operations at the 210,000 bpd refinery in November, citing “financial losses caused by very poor economic conditions, significant capital spending requirements and high operating costs.” The company has agreed that no removal of process equipment will take place while negotiations are under way.

“We have worked very closely with Gov. Markell, who has been instrumental in furthering these negotiations,” said Valero Chairman and CEO Bill Kleese.

According to the news release, there is no specific timetable for when negotiations might be completed. The parties are continuing their discussions.