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<P ALIGN="CENTER"><FONT SIZE=2><B>As filed with the Securities and Exchange Commission on October&nbsp;7, 2003  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B> Registration Statement No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=3><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549</B></FONT></P>
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<P ALIGN="CENTER"><FONT SIZE=3><B>FORM S-8<BR>
REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</B></FONT><BR><BR><BR></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>VALERO L.P.</B><BR></font>
<FONT SIZE=2>(Exact name of Registrant as specified in its charter)</FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>Delaware</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>74-2956831</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2>(State of other jurisdiction <br>
of incorporation or organization)<BR><BR></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2>(IRS Employer <br>
Identification Number)<br><BR></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>One Valero Place</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>&nbsp;&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>San Antonio, Texas</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>78212</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2>(Address of Principal Executive Offices)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2>(Zip Code)</FONT></TD>
</TR>
</table>

<P align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>Valero GP, LLC 2003
Employee Unit Incentive Plan<BR></B></FONT><FONT SIZE=2>(Full title of the plan) </FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>Curtis V. Anastasio<BR>
President and Chief Executive Officer<BR>
Valero GP, LLC<BR>
One Valero Place<BR>
San Antonio, Texas 78212<BR>
(210) 370-2000</B></FONT></TD>
</TR>
</TABLE>
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="100%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(Name, address and telephone number, including area code, of agent for service)</font></TD>
</TR>
</table>
<BR>
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<P ALIGN="CENTER"><FONT SIZE=2><B>CALCULATION OF REGISTRATION FEE</B></FONT></P>
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<TR VALIGN="BOTTOM">
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</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="30%" ALIGN="CENTER"><FONT SIZE=1><B>Title of each class of securities<BR>
to be registered</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="21%" ALIGN="CENTER"><FONT SIZE=1><B>Amount to be<BR>
registered</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed maximum<BR>
offering price<BR>
per unit</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed maximum<BR>
aggregate offering<BR>
price</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1><B>Amount of<BR>
registration <BR>fee</B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="30%"><FONT SIZE=1>&nbsp;&nbsp;Common Units representing limited<br>
&nbsp;&nbsp;partner interests (1)</FONT><br></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER"><FONT SIZE=1>500,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1>$43.33&nbsp;(2)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1>$21,665,000&nbsp;(2)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>$1,753</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
</TABLE>
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<TR VALIGN="TOP">
<TD WIDTH="1%" ALIGN="LEFT"><FONT SIZE=1>(1)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%" ALIGN="LEFT"><FONT SIZE=1>In addition,
pursuant to Rule 416(a) under the Securities Act of 1933, as amended, this
Registration Statement also covers an indeterminate amount of Common Units or
other interests that may become issuable by reason of adjustments pursuant to
the anti-dilution provisions of the employee benefit plan described herein.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="1%" ALIGN="LEFT"><FONT SIZE=1>(2)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="95%" ALIGN="LEFT"><FONT SIZE=1>Estimated  pursuant to Rule  457(c) and (h) under the  Securities
Act of 1933, as amended,  solely for the purpose of computing the  registration
fee, based upon the average of the high and low prices of the  securities  being
registered hereby on the New York Stock Exchange on September 30, 2003.</FONT></TD>
</tr>
</table>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION
REQUIRED IN THE SECTION 10(A) PROSPECTUS</FONT></H1>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 1.&nbsp;&nbsp; Plan
information</FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
required by this Item to be contained in the Section 10(a) prospectus is omitted
from this registration statement on Form S-8 in accordance with Rule 428 under
the Securities Act of 1933, as amended (the "Securities Act"), and the
Note to Part I of Form S-8. </FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 2.&nbsp;&nbsp;
Registrant Information and Employee Plan Annual Information</FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
required by this Item to be contained in the Section 10(a) prospectus is omitted
from this registration statement in accordance with Rule 428 under the
Securities Act, and the Note to Part I of Form S-8. </FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</FONT></H1>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 3.&nbsp;&nbsp;
Incorporation of Documents by Reference</FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero
L.P. (the "Partnership") incorporates by reference in this
registration statement the following documents filed with the Securities and
Exchange Commission: <br><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the annual report on Form 10-K for the year ended December 31, 2002;<br><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
quarterly  reports on Form 10-Q for the  quarterly  periods ended March 31, 2003
and June 30, 2003;<br><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
current reports on Form 8-K as filed on March 14, 2003, March 17, 2003, April 2,
2003 and August 6, 2003; and<br><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
description of our Common Units contained in our registration  statement on Form
8-A, filed on March 30, 2001.</font></p>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents that we file pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934, as amended, (excluding any information
furnished pursuant to Item 9 or Item 12 on any Current Report on Form 8-K)
subsequent to the date of this registration statement and prior to the filing of
a post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference herein and to be a part hereof from the date of
filing of such documents. Any statement contained herein or in a document
incorporated or deemed to be incorporated herein by reference shall be deemed to
be modified or superseded for purposes of the registration statement and the
prospectus to the extent that a statement contained herein or in any
subsequently filed document which also is, or is deemed to be, incorporated by
reference herein modifies or supersedes such statement. Any such statement so
modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of the registration statement or the prospectus. </FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 4.&nbsp;&nbsp;
Description of Securities</FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5.&nbsp;&nbsp; Interests
of Named Experts and Counsel</FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.</FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>
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<PAGE>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 6.&nbsp;&nbsp;
Indemnification of Directors and Officers</FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
partnership agreement of Valero L.P. provides that the Partnership, will, to the
fullest extent permitted by law, indemnify and advance expenses to its general
partner, any Departing Partner (as defined therein), any person who is or was an
affiliate of its general partner or any Departing Partner, any person who is or
was an officer, director, employee, partner, agent or trustee of such general
partner or any Departing Partner or any affiliate of such general partner or any
Departing Partner, or any person who is or was serving at the request of such
general partner or any affiliate of their general partner or any Departing
Partner or any affiliate of any Departing Partner as an officer, director,
employee, partner, agent or trustee of another person ("Indemnitees")
from and against any and all losses, claims, damages, liabilities (joint or
several), expenses (including legal fees and expenses), judgments, fines,
settlements and other amounts arising from any and all claims, demands, actions,
suits or proceedings, whether civil, criminal, administrative or investigative,
in which any Indemnitee may be involved, or is threatened to be involved, as a
party or otherwise, by reason of its status as general partner, Departing
Partner or an affiliate of either, an officer, director, employee, partner,
agent or trustee of the general partner, any Departing Partner or affiliate of
either or a person serving at the request of the Partnership in another entity
in a similar capacity, provided that in each case the Indemnitee acted in good
faith and in a manner which such indemnitee reasonably believed to be in or not
opposed to the best interests of the Partnership. This indemnification would
under certain circumstances include indemnification for liabilities under the
Securities Act. In addition, each Indemnitee would automatically be entitled to
the advancement of expenses in connection with the foregoing indemnification.
Any indemnification under these provisions will be only out of the assets of the
Partnership. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero
L.P. is authorized to purchase (or to reimburse its general partner for the
costs of) insurance against liabilities asserted against and expenses incurred
by the persons described in the paragraph above in connection with their
activities, whether or not they would have the power to indemnify such person
against such liabilities under the provisions described in the paragraph above.
The Partnership's general partner has purchased insurance, the cost of
which is reimbursed by the Partnership, covering its officers and directors
against liabilities asserted and expenses incurred in connection with their
activities as officers and directors of the general partner or any of its direct
or indirect subsidiaries. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
limited liability company agreement of Valero GP, LLC provides that Valero GP,
LLC will, to the fullest extent permitted or required by the Delaware Limited
Liability Company Act, indemnify and advance expenses to any person who is or
was a director or an officer of Valero GP, LLC or is or was serving at the
request of Valero GP, LLC as a director, officer, employee, or agent of another
person (each a "Valero GP Indemnitee" against all expense, liability
and loss (including attorney's fees, judgments, fines, ERISA excise taxes
or penalties and amounts paid in settlement) reasonably incurred or suffered by
such Valero GP Indemnitee in connection with any action, suit or proceeding,
whether civil, criminal, administrative, or investigative, in which any Valero
GP Indemnitee may be involved, or is threatened to be involved, as a party or
otherwise, by reason of the person's status as a director, officer,
employee or agent, provided that, except with respect to proceedings to enforce
rights of indemnification, Valero GP, LLC will indemnify a Valero GP Indemnitee
in connection with a proceeding initiated by such person only if the proceeding
was authorized by the board of directors of Valero GP, LLC. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero
GP, LLC is authorized to purchase insurance against liabilities asserted against
and expenses incurred by the persons described in the paragraph above in
connection with their activities, whether or not it would have the power to
indemnify such person against such liabilities under the provisions described in
the paragraph above. Valero Energy Corporation has purchased insurance, the cost
of which is reimbursed by the Partnership, covering its officers and directors
against liabilities asserted and expenses incurred in connection with their
activities as officers and directors of Valero GP, LLC or any of its direct or
indirect subsidiaries. </FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7.&nbsp;&nbsp;
Exemption from Registration Claimed</FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</FONT><BR></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT><BR></P>
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<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 8.&nbsp;&nbsp; Exhibits</FONT></H2>


<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Number</u></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" ALIGN="LEFT"><FONT SIZE=2><BR><u>Description</u></FONT><br><Br></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+3.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" ALIGN="LEFT"><FONT SIZE=2>Amended and Restated Certificate of Limited Partnership of Valero L.P. (Exhibit 3.3 to
Valero L.P.'s Annual Report on Form 10-K filed March 26, 2002).</FONT><BR><br></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+3.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" ALIGN="LEFT"><FONT SIZE=2>Third Amended and Restated Agreement of Limited Partnership of Valero L.P.
(Exhibit 3.1 to Valero L.P.'s Quarterly Report on Form 10-Q filed May 9, 2003).</FONT><BR><br></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" ALIGN="LEFT"><FONT SIZE=2>Opinion with respect to legality of the securities.</FONT><BR><BR></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*23.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" ALIGN="LEFT"><FONT SIZE=2>Consent of Ernst and Young L.L.P.</FONT><BR><br></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" ALIGN="LEFT"><FONT SIZE=2>Consent of Bradley C. Barron, Esq. (included as part of Exhibit 5.1).</FONT><BR><br></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*24.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" ALIGN="LEFT"><FONT SIZE=2>Power of Attorney (included on the signature page of this registration statement).</FONT><BR><br></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*99.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" ALIGN="LEFT"><FONT SIZE=2>Valero GP, LLC 2003 Employee Unit Incentive Plan.</FONT></TD>
</TR>
</table>
<p><font size=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
+&nbsp;&nbsp;Incorporated by reference.<br>
*&nbsp;&nbsp;Filed herewith.</font>
</p>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.&nbsp;&nbsp; Undertakings</FONT></H2>

<p><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:<br><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a post-effective amendment
to this registration statement:<br><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;<br><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To reflect in the prospectus any facts or events arising after the effective date of
the registration statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any deviation from
the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20% change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective registration statement;<br><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to such information in the
registration statement;<br><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided,
however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
registration statement is on Form S-3, Form S-8 or Form F-3, and the information
required to be included in a post-effective amendment by those paragraphs
contained in periodic reports filed with or furnished to the Commission by the
registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are
incorporated by reference in the registration statement.<br><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.<br><br></font></p>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT><BR></P>
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<PAGE>

<p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.<br><br>

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d)
of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.<br><br>

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.  In the event
that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.</font></p>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>
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<PAGE>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES</FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of San Antonio, State of Texas, on October 7, 2003. </FONT></P>

<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="50%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;</font></TD>
<TD WIDTH="50%" ALIGN="LEFT"><FONT SIZE=2>VALERO L.P.<br><br><br></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;</font></TD>
<TD WIDTH="50%" ALIGN="LEFT"><FONT SIZE=2>By:&nbsp;&nbsp;Riverwalk Logistics, L.P.<br></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;</font></TD>
<TD WIDTH="50%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its general partner<br><br></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;</font></TD>
<TD WIDTH="50%" ALIGN="LEFT"><FONT SIZE=2>By:&nbsp;&nbsp;Valero GP, LLC<br></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;</font></TD>
<TD WIDTH="50%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its general partner<br><br></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;</font></TD>
<TD WIDTH="50%" ALIGN="LEFT"><FONT SIZE=2>By:&nbsp;&nbsp;/s/&nbsp;&nbsp;Curtis V. Anastasio<br></FONT><HR NOSHADE><FONT SIZE=2></font></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;</font></TD>
<TD WIDTH="50%" ALIGN="LEFT"><FONT SIZE=2>Name:&nbsp;&nbsp;Curtis V. Anastasio.<br></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;</font></TD>
<TD WIDTH="50%" ALIGN="LEFT"><FONT SIZE=2>Title:&nbsp;&nbsp;President and Chief Executive Officer<br><br></FONT></TD>
</TR>
</table>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>
<HR NOSHADE>
<PAGE>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>POWER OF
ATTORNEY</FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below
constitutes and appoints Steven A. Blank and Bradley C. Barron, and each of
them, his true and lawful attorneys-in-fact and agents, with full power of
substitution and resubstitution, for him and in his name, place and stead, in
any and all capacities, to sign any or all amendments (including post-effective
amendments) to this registration statement and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorneys-in-fact and
agents, and each of them, full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents or any of them, or their, or his substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.</font></p>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement
has been signed below by the following persons in the capacities and on the
dates indicated. </FONT></P>

<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2><B>Signature<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><B>Title</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="45%" ALIGN="CENTER"><FONT SIZE=2><B>Date</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
</TABLE>
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>William E. Greehey</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2>William E. Greehey</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>
Chairman of the Board and <br>
Director</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>October &nbsp;&nbsp;7,&nbsp;2003</font><BR><BR></td>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>Curtis V. Anastasio</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2>Curtis V. Anastasio</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>
President, Chief Executive<br>
Officer and Director (Principal<br>
Executive Officer)</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>October &nbsp;&nbsp;7,&nbsp;2003</font><BR><BR></td>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>Steven A. Blank</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2>Steven A. Blank</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>
Senior Vice President, Chief<br>
Financial Officer (Principal<br>
Financial Officer)</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>October &nbsp;&nbsp;7,&nbsp;2003</font><BR><BR></td>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>Clayton E. Killinger</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2>Clayton E. Killinger</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>
Vice President and Controller<br>
(Principal Accounting Officer</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>October &nbsp;&nbsp;7,&nbsp;2003</font><BR><BR></td>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>William R. Klesse</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2>William R. Klesse</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>October &nbsp;&nbsp;7,&nbsp;2003</font><BR><BR></td>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>Gregory C. King</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2>Gregory C. King</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>October &nbsp;&nbsp;7,&nbsp;2003</font><BR><BR></td>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>H. Frederick Christie</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2>H. Frederick Christie</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>October &nbsp;&nbsp;7,&nbsp;2003</font><BR><BR></td>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>Rodman D. Patton</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2>Rodman D. Patton</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>October &nbsp;&nbsp;7,&nbsp;2003</font><BR><BR></td>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>Robert A. Profusek</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2>Robert A. Profusek</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>October &nbsp;&nbsp;7,&nbsp;2003</font><BR><BR></td>
</TR>
</table>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each person above holds his
respective position at Valero GP, LLC (the general partner of Riverwalk
Logistics, L.P., the general partner of Valero L.P.). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>
<HR NOSHADE>
<PAGE>


<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX</FONT></H1>
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Number</u></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" ALIGN="LEFT"><FONT SIZE=2><BR><u>Description</u></FONT><br><Br></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+3.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" ALIGN="LEFT"><FONT SIZE=2>Amended and Restated Certificate of Limited Partnership of Valero L.P. (Exhibit 3.3 to
Valero L.P.'s Annual Report on Form 10-K filed March 26, 2002).</FONT><BR><br></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+3.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" ALIGN="LEFT"><FONT SIZE=2>Third Amended and Restated Agreement of Limited Partnership of Valero L.P.
(Exhibit 3.1 to Valero L.P.'s Quarterly Report on Form 10-Q filed May 9, 2003).</FONT><BR><br></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" ALIGN="LEFT"><FONT SIZE=2>Opinion with respect to legality of the securities.</FONT><BR><br></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*23.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" ALIGN="LEFT"><FONT SIZE=2>Consent of Ernst and Young L.L.P.</FONT><BR><br></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" ALIGN="LEFT"><FONT SIZE=2>Consent of Bradley C. Barron, Esq. (included as part of Exhibit 5.1).</FONT><BR><br></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*24.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" ALIGN="LEFT"><FONT SIZE=2>Power of Attorney (included on the signature page of this registration statement).</FONT><BR><br></TD>
</TR>
<TR VALIGN="TOP">

<TD WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*99.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" ALIGN="LEFT"><FONT SIZE=2>Valero GP, LLC 2003 Employee Unit Incentive Plan.</FONT></TD>
</TR>
</table>
<p><font size=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
+&nbsp;&nbsp;Incorporated by reference.<br>
*&nbsp;&nbsp;Filed herewith.</font>
</p>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>
<HR NOSHADE>
</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "fs808003.htm", "secsgml_size_bytes": 36532}]
{"company-data": {"conformed-name": "VALERO L P", "cik": "0001110805", "assigned-sic": "4610", "irs-number": "742956831", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-109541", "film-number": "03932017"}, "business-address": {"street1": "P.O. BOX 500", "street2": "P.O. BOX 500", "city": "SAN ANTONIO", "state": "TX", "zip": "78292-0400", "phone": "2103702000"}, "mail-address": {"street1": "P.O.  BOX 500", "city": "SAN ANTONIO", "state": "TX", "zip": "78292-0500"}, "former-company": {"former-conformed-name": "SHAMROCK LOGISTICS LP", "date-changed": "20000331"}}
As filed with the Securities and Exchange Commission on October 7, 2003
Registration Statement No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
VALERO L.P.
(Exact name of Registrant as specified in its charter)
Delaware
74-2956831
(State of other jurisdiction
of incorporation or organization)
(IRS Employer
Identification Number)
One Valero Place
San Antonio, Texas
78212
(Address of Principal Executive Offices)
(Zip Code)
Valero GP, LLC 2003
Employee Unit Incentive Plan
(Full title of the plan)
Curtis V. Anastasio
President and Chief Executive Officer
Valero GP, LLC
One Valero Place
San Antonio, Texas 78212
(210) 370-2000
(Name, address and telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Title of each class of securities
to be registered
Amount to be
registered
Proposed maximum
offering price
per unit
Proposed maximum
aggregate offering
price
Amount of
registration
fee
Common Units representing limited
partner interests (1)
500,000
$43.33 (2)
$21,665,000 (2)
$1,753
(1)
In addition,
pursuant to Rule 416(a) under the Securities Act of 1933, as amended, this
Registration Statement also covers an indeterminate amount of Common Units or
other interests that may become issuable by reason of adjustments pursuant to
the anti-dilution provisions of the employee benefit plan described herein.
(2)
Estimated  pursuant to Rule  457(c) and (h) under the  Securities
Act of 1933, as amended,  solely for the purpose of computing the  registration
fee, based upon the average of the high and low prices of the  securities  being
registered hereby on the New York Stock Exchange on September 30, 2003.
PART I
INFORMATION
REQUIRED IN THE SECTION 10(A) PROSPECTUS
Item 1.   Plan
information
Information
required by this Item to be contained in the Section 10(a) prospectus is omitted
from this registration statement on Form S-8 in accordance with Rule 428 under
the Securities Act of 1933, as amended (the "Securities Act"), and the
Note to Part I of Form S-8.
Item 2.  
Registrant Information and Employee Plan Annual Information
Information
required by this Item to be contained in the Section 10(a) prospectus is omitted
from this registration statement in accordance with Rule 428 under the
Securities Act, and the Note to Part I of Form S-8.
PART II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item 3.  
Incorporation of Documents by Reference
Valero
L.P. (the "Partnership") incorporates by reference in this
registration statement the following documents filed with the Securities and
Exchange Commission:
(1)        
the annual report on Form 10-K for the year ended December 31, 2002;
(2)        the
quarterly  reports on Form 10-Q for the  quarterly  periods ended March 31, 2003
and June 30, 2003;
(3)        the
current reports on Form 8-K as filed on March 14, 2003, March 17, 2003, April 2,
2003 and August 6, 2003; and
(4)        the
description of our Common Units contained in our registration  statement on Form
8-A, filed on March 30, 2001.
All
documents that we file pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934, as amended, (excluding any information
furnished pursuant to Item 9 or Item 12 on any Current Report on Form 8-K)
subsequent to the date of this registration statement and prior to the filing of
a post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference herein and to be a part hereof from the date of
filing of such documents. Any statement contained herein or in a document
incorporated or deemed to be incorporated herein by reference shall be deemed to
be modified or superseded for purposes of the registration statement and the
prospectus to the extent that a statement contained herein or in any
subsequently filed document which also is, or is deemed to be, incorporated by
reference herein modifies or supersedes such statement. Any such statement so
modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of the registration statement or the prospectus.
Item 4.  
Description of Securities
Not applicable.
Item 5.   Interests
of Named Experts and Counsel
None.
1
Item 6.  
Indemnification of Directors and Officers
The
partnership agreement of Valero L.P. provides that the Partnership, will, to the
fullest extent permitted by law, indemnify and advance expenses to its general
partner, any Departing Partner (as defined therein), any person who is or was an
affiliate of its general partner or any Departing Partner, any person who is or
was an officer, director, employee, partner, agent or trustee of such general
partner or any Departing Partner or any affiliate of such general partner or any
Departing Partner, or any person who is or was serving at the request of such
general partner or any affiliate of their general partner or any Departing
Partner or any affiliate of any Departing Partner as an officer, director,
employee, partner, agent or trustee of another person ("Indemnitees")
from and against any and all losses, claims, damages, liabilities (joint or
several), expenses (including legal fees and expenses), judgments, fines,
settlements and other amounts arising from any and all claims, demands, actions,
suits or proceedings, whether civil, criminal, administrative or investigative,
in which any Indemnitee may be involved, or is threatened to be involved, as a
party or otherwise, by reason of its status as general partner, Departing
Partner or an affiliate of either, an officer, director, employee, partner,
agent or trustee of the general partner, any Departing Partner or affiliate of
either or a person serving at the request of the Partnership in another entity
in a similar capacity, provided that in each case the Indemnitee acted in good
faith and in a manner which such indemnitee reasonably believed to be in or not
opposed to the best interests of the Partnership. This indemnification would
under certain circumstances include indemnification for liabilities under the
Securities Act. In addition, each Indemnitee would automatically be entitled to
the advancement of expenses in connection with the foregoing indemnification.
Any indemnification under these provisions will be only out of the assets of the
Partnership.
Valero
L.P. is authorized to purchase (or to reimburse its general partner for the
costs of) insurance against liabilities asserted against and expenses incurred
by the persons described in the paragraph above in connection with their
activities, whether or not they would have the power to indemnify such person
against such liabilities under the provisions described in the paragraph above.
The Partnership's general partner has purchased insurance, the cost of
which is reimbursed by the Partnership, covering its officers and directors
against liabilities asserted and expenses incurred in connection with their
activities as officers and directors of the general partner or any of its direct
or indirect subsidiaries.
The
limited liability company agreement of Valero GP, LLC provides that Valero GP,
LLC will, to the fullest extent permitted or required by the Delaware Limited
Liability Company Act, indemnify and advance expenses to any person who is or
was a director or an officer of Valero GP, LLC or is or was serving at the
request of Valero GP, LLC as a director, officer, employee, or agent of another
person (each a "Valero GP Indemnitee" against all expense, liability
and loss (including attorney's fees, judgments, fines, ERISA excise taxes
or penalties and amounts paid in settlement) reasonably incurred or suffered by
such Valero GP Indemnitee in connection with any action, suit or proceeding,
whether civil, criminal, administrative, or investigative, in which any Valero
GP Indemnitee may be involved, or is threatened to be involved, as a party or
otherwise, by reason of the person's status as a director, officer,
employee or agent, provided that, except with respect to proceedings to enforce
rights of indemnification, Valero GP, LLC will indemnify a Valero GP Indemnitee
in connection with a proceeding initiated by such person only if the proceeding
was authorized by the board of directors of Valero GP, LLC.
Valero
GP, LLC is authorized to purchase insurance against liabilities asserted against
and expenses incurred by the persons described in the paragraph above in
connection with their activities, whether or not it would have the power to
indemnify such person against such liabilities under the provisions described in
the paragraph above. Valero Energy Corporation has purchased insurance, the cost
of which is reimbursed by the Partnership, covering its officers and directors
against liabilities asserted and expenses incurred in connection with their
activities as officers and directors of Valero GP, LLC or any of its direct or
indirect subsidiaries.
Item 7.  
Exemption from Registration Claimed
Not applicable.
2
Item 8.   Exhibits
Exhibit
Number
Description
+3.1
Amended and Restated Certificate of Limited Partnership of Valero L.P. (Exhibit 3.3 to
Valero L.P.'s Annual Report on Form 10-K filed March 26, 2002).
+3.2
Third Amended and Restated Agreement of Limited Partnership of Valero L.P.
(Exhibit 3.1 to Valero L.P.'s Quarterly Report on Form 10-Q filed May 9, 2003).
*5.1
Opinion with respect to legality of the securities.
*23.1
Consent of Ernst and Young L.L.P.
*23.2
Consent of Bradley C. Barron, Esq. (included as part of Exhibit 5.1).
*24.1
Power of Attorney (included on the signature page of this registration statement).
*99.1
Valero GP, LLC 2003 Employee Unit Incentive Plan.
+  Incorporated by reference.
*  Filed herewith.
Item 9.   Undertakings
(a)        The undersigned registrant hereby undertakes:
(1)        To file, during any period in which offers or sales are being made, a post-effective amendment
to this registration statement:
(i)        To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)        To reflect in the prospectus any facts or events arising after the effective date of
the registration statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any deviation from
the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20% change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective registration statement;
(iii)        To include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to such information in the
registration statement;
provided,
however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
registration statement is on Form S-3, Form S-8 or Form F-3, and the information
required to be included in a post-effective amendment by those paragraphs
contained in periodic reports filed with or furnished to the Commission by the
registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are
incorporated by reference in the registration statement.
(2)        That, for the purpose of determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
3
(3)        To remove from registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.
(b)        The undersigned registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d)
of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
(c)        Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.  In the event
that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
4
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of San Antonio, State of Texas, on October 7, 2003.
VALERO L.P.
By:  Riverwalk Logistics, L.P.
its general partner
By:  Valero GP, LLC
its general partner
By:  /s/  Curtis V. Anastasio
Name:  Curtis V. Anastasio.
Title:  President and Chief Executive Officer
5
POWER OF
ATTORNEY
KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below
constitutes and appoints Steven A. Blank and Bradley C. Barron, and each of
them, his true and lawful attorneys-in-fact and agents, with full power of
substitution and resubstitution, for him and in his name, place and stead, in
any and all capacities, to sign any or all amendments (including post-effective
amendments) to this registration statement and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorneys-in-fact and
agents, and each of them, full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents or any of them, or their, or his substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement
has been signed below by the following persons in the capacities and on the
dates indicated.
Signature
Title
Date
/s/
William E. Greehey
William E. Greehey
Chairman of the Board and
Director
October   7, 2003
/s/
Curtis V. Anastasio
Curtis V. Anastasio
President, Chief Executive
Officer and Director (Principal
Executive Officer)
October   7, 2003
/s/
Steven A. Blank
Steven A. Blank
Senior Vice President, Chief
Financial Officer (Principal
Financial Officer)
October   7, 2003
/s/
Clayton E. Killinger
Clayton E. Killinger
Vice President and Controller
(Principal Accounting Officer
October   7, 2003
/s/
William R. Klesse
William R. Klesse
Director
October   7, 2003
/s/
Gregory C. King
Gregory C. King
Director
October   7, 2003
/s/
H. Frederick Christie
H. Frederick Christie
Director
October   7, 2003
/s/
Rodman D. Patton
Rodman D. Patton
Director
October   7, 2003
/s/
Robert A. Profusek
Robert A. Profusek
Director
October   7, 2003
Each person above holds his
respective position at Valero GP, LLC (the general partner of Riverwalk
Logistics, L.P., the general partner of Valero L.P.).
6
EXHIBIT INDEX
Exhibit
Number
Description
+3.1
Amended and Restated Certificate of Limited Partnership of Valero L.P. (Exhibit 3.3 to
Valero L.P.'s Annual Report on Form 10-K filed March 26, 2002).
+3.2
Third Amended and Restated Agreement of Limited Partnership of Valero L.P.
(Exhibit 3.1 to Valero L.P.'s Quarterly Report on Form 10-Q filed May 9, 2003).
*5.1
Opinion with respect to legality of the securities.
*23.1
Consent of Ernst and Young L.L.P.
*23.2
Consent of Bradley C. Barron, Esq. (included as part of Exhibit 5.1).
*24.1
Power of Attorney (included on the signature page of this registration statement).
*99.1
Valero GP, LLC 2003 Employee Unit Incentive Plan.
+  Incorporated by reference.
*  Filed herewith.
7