A subsidiary of Texas-based Valero Energy Corp. (NYSE: VLO) says its purchase of an ethanol plant at the Port of Indiana-Mount Vernon will result in more than 60 jobs by next year. Valero Renewable Fuels Co. LLC says it is currently hiring for engineering, operations, maintenance and administrative positions.

May 13, 2014

News Release

Mount Vernon, Ind. — Valero Renewable Fuels Company, LLC announced plans today to expand its ethanol production here, creating up to 61 new jobs by 2015.

The company is a wholly-owned subsidiary of San Antonio, Texas-based Valero Energy Corporation (NYSE: VLO), an international manufacturer and marketer of transportation fuels, power and other petrochemical products. Valero Renewables plans to purchase, renovate and equip the former Aventine Renewable Energy facility at the Port of Indiana-Mount Vernon, which is expected to be operational later this year.

“Indiana's growing economy is energized when companies like Valero decide to make the move to Indiana,” said Governor Mike Pence. “By picking Indiana for its newest facility, Valero is helping power job creation and spur economic opportunities for Hoosiers. With a stable business climate rooted in low taxes, limited regulation and balanced budgets, Indiana is a state that works for business.”

Valero, which currently employs 10,000 people nationally, including approximately 65 in Indiana, is currently hiring for engineering, operations, maintenance and administrative positions at Mount Vernon. Interested applicants may apply at www.valero.com/careers.

“We're looking forward to hiring employees, restarting the plant and producing ethanol,” said Martin Parrish, vice president of alternative energy and development at Valero. “We intend to invest in the Mount Vernon plant to make it competitive with other top-tier ethanol facilities, and we will use the technical expertise we have gained at our other plants to look at ways to improve Mount Vernon’s reliability, production rate and product yields.”

Founded in 1980, Valero currently operates 10 ethanol plants across the United States, including one in Linden, Ind. The company uses the entire kernel of corn in production, producing ethanol and distillers grains, which are used as livestock feed. Valero was the first traditional refiner to enter ethanol production and today has the capacity to produce 1.3 billion gallons of ethanol annually.

The Indiana Economic Development Corporation offered Valero Renewable Fuels Company, LLC up to $600,000 in conditional tax credits based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. Posey County approved additional incentives at the request of the Posey County Economic Development Partnership.

“I am immensely excited Valero has chosen to make a significant investment in the renovation of the closed ethanol plant in the Port of Mount Vernon,” said Bob Gentil, president of the Posey County Council. “To have a company with the footprint Valero has in the ethanol industry choose to make our closed ethanol facility one of their projects is huge for this community. Posey County welcomes the opportunity to partner with Valero in creating short, mid and long-term economic opportunities for Posey County.”

Earlier this year, Evansville, Ind.-based Berry Plastics announced plans to grow its Indiana operations, creating up to 336 new jobs by the end of the year. As part of this project, the company, which manufactures plastic packaging, plans to expand facilities in Princeton, Ind., Richmond, Ind., downtown Evansville and at the Evansville airport.

About Valero

Valero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels, other petrochemical products and power. Valero subsidiaries employ approximately 10,000 people, and assets include 16 petroleum refineries with a combined throughput capacity of approximately 3 million barrels per day, 11 ethanol plants with a combined production capacity of 1.3 billion gallons per year, a 50-megawatt wind farm, and renewable diesel production from a joint venture. Through subsidiaries, Valero owns the general partner of Valero Energy Partners LP (NYSE: VLP), a midstream master limited partnership. Approximately 7,400 outlets carry the Valero, Diamond Shamrock, Shamrock and Beacon brands in the United States and the Caribbean; Ultramar in Canada; and Texaco in the United Kingdom and Ireland. Valero is a Fortune 500 company based in San Antonio. Please visit www.valero.com for more information.

About IEDC

Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.

The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.

Source: Indiana Economic Development Corp.

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