VALERO ENERGY CORP
424B5, 1994-12-02
PETROLEUM REFINING
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Pricing Supplement dated November 30, 1994     Rule 424(b)(2)
(To Prospectus dated March 30, 1992 and        File No. 33-45457
Prospectus Supplement dated March 30, 1992)

                         VALERO ENERGY CORPORATION
                             Medium-Term Notes

CUSIP:             91938XAM5
Principal Amount:  $10,000,000.00
Price to Public:
    [X] 100% of Principal Amount
    [ ] Varying prices relating to prevailing market prices at
        the time of sale
Interest Rate:                      9.25% per annum
Stated Maturity:                    December 7, 2004
Trade Date:                         November 30, 1994
Original Issue Date:                December 7, 1994
Net Proceeds to Issuer:             $9,940,000.00
Agent's Discount or Commission:     0.60%

Interest Payment Dates: March 15 and September 15 of each year.

Day Count Convention:
    [ X] 30/360 for the period from Original Issue to Stated
         Maturity Date.
    [  ] Actual/360 for the period from                   to
    [  ] Actual/Actual for the period from                to

Redemption:
    [ X] The Notes cannot be redeemed prior to the Stated
         Maturity, except as set forth in the Prospectus and
         Prospectus Supplement.
    [  ] The Notes may be redeemed prior to the Stated Maturity.
         Initial Redemption Date:
         Initial Redemption Percentage:        %
         Annual Redemption Percentage Reduction:     % until
         Redemption
         Percentage is 100% of the principal amount.

Optional Repayment:
    [ X] The Notes cannot be repaid prior to the Stated Maturity,
         except as set forth in the Prospectus and Prospectus
         Supplement.
    [  ] The Notes can be repaid prior to the Stated Maturity at
         the option of the holder of the Notes.
         Optional Repayment Date(s):
         Repayment Price:         %

Currency:     U.S. dollars.

Original Issue Discount:     [   ]  Yes     [ X]  No
    Total Amount of OID:
    Yield to Maturity:
    Initial Accrual Period:
    Repurchase Price, if any:

Form:    [ X]  Book-Entry         [   ]  Certificated


[X]   Lehman Brothers Inc.            [  ]  Salomon Brothers Inc




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