The company said Friday that it hopes to announce a deal soon with Greenwich, Conn.-based PBF Investments LLC.
The negotiations involve assets of Valero's terminal operation at the Delaware City refinery and equipment from discontinued refinery operations.
San Antonio, Texas-based Valero announced in November that it would halt operations at the refinery and lay off 550 workers because of poor economic conditions.
Delaware Gov. Jack Markell has been working with state economic development officials to try to find a new owner for the refinery site.
A Markell spokesman declined comment Friday.