Commission approval of proposed divestiture:

The Commission has approved a divestiture by Valero Energy Corporation (Valero) and Ultramar Diamond Shamrock Corporation (Ultramar) of the "Golden Eagle CARB Refining and Marketing Assets" in California to Tesoro Petroleum Corporation (Tesoro) and Tesoro's wholly owned subsidiary, Tesoro Refining and Marketing Company. The divestiture is required by Paragraph II.A. of the consent order issued by the Commission and announced on December 18, 2001, under which the companies agreed to divest certain assets to resolve the Commission's competitive concerns regarding Valero's acquisition of Ultramar. The Commission vote to approve the divestiture was 4-0, with Chairman Timothy J. Muris not participating and Commissioner Mozelle Thompson issuing a separate concurring statement. (Docket No. C-4031; staff contact is Elizabeth A. Piotrowski, Bureau of Competition, 202-326-2623; see press releases dated December 18, 2001 and February 15 and 22, 2002.)

Copies of the documents mentioned in this release are available from the FTC's Web site at http://www.ftc.gov and also from the FTC's Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W., Washington, D.C. 20580. Call toll-free: 1-877-FTC-HELP.

Media Contact:

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202-326-2180

 

Valero Energy Corporation and Ultramar Diamond Shamrock Corporation, File No. 011 0141, Docket No. C-4031