Valero idled 3 ethanol plants in 4th qtr due to poor economics

Independent oil refiner Valero Energy Corp said on Tuesday it idled three of its 10 ethanol production facilities during the final three months of 2012 due to high corn prices and high ethanol inventories.

The company also said it replaced all imported light sweet crude oil used at its Gulf Coast and Memphis, Tennessee, refineries with cheaper North American crude oil during the quarter.

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