A Bay Area developer said it is working with Valero to assess the potential future of its refinery in Benicia, which could cease operations as soon as next year.
In a statement to CBS News Bay Area, Signature Development Group said it is working with the oil company for potential redevelopment opportunities for the property located near the Carquinez Strait and Interstate 680.
"We are pleased to work with Valero to evaluate redevelopment opportunities for the Benicia refinery property" said Mike Ghielmetti, the development company's president. "We look forward to collaborating and coordinating with the City of Benicia, neighboring property owners and the broader community as we explore potential redevelopment of the site and plan for its future."
The company has worked on several large development projects in the Bay Area, including Brooklyn Basin, a development along Oakland's waterfront featuring 3,700 homes and 200,000 square feet of retail space. Signature is also connected to the Willow Village project in Menlo Park, a proposed development seeking to transform the industrial area near Meta headquarters into office, retail and 1,730 homes.
Earlier this month, Valero submitted notice to the California Energy Commission about its plans to "idle, restructure, or cease" operations at the Benicia refinery by the end of April 2026. The refinery, which has 8.94% of the state's crude oil capacity, employs more than 400 workers.
"We understand the impact that this may have on our employees, business partners, and community, and will continue to work with them through this period," Lane Riggs, the company's chairman, chief executive officer and president, said at the time.
Workers, along with city officials are still coming to terms with the potential closure. The refinery is Benicia's largest employer and the city's single largest source of tax revenue.
"This is like my heart and soul," Mark Felsoci, who recently retired from the refinery after 28 years, told CBS News Bay Area. "I'm very passionate about what's going on here. There's good people in there. There's good people who are going to lose their jobs."
Mayor Steve Young said he understands that people may be worried about what this means for the city.
"We're going to certainly survive this," Young said." We may not thrive as much as we had planned in the near future. I think it's hyperbolic to think this represents the end of Benicia as we know it."
Read More Details
Finally We wish PressBee provided you with enough information of ( Valero consults Bay Area developer to assess future of Benicia refinery site )
Also on site :
- UK pauses trade negotiations with Israel and summons Israeli ambassador
- Jeff Bezos spanks bikini-clad Lauren Sanchez as she sunbathes on their $500M superyacht
- EU agrees to lift sanctions on Syria