Valero filed a federal lawsuit against PG&E on Friday, blaming the San Francisco-based utility for a power outage that shut down the oil company's Benicia refinery in May and led to a major release of pollution.

Valero is seeking in excess of $75 million for damage to refinery equipment and lost revenue the company says resulted from the shutdown that took place after PG&E "shut off all electricity" to the Benicia facility on May 5.

"Given PG&E's track record of poor reliability and safety problems in California, it is crucial that PG&E be held accountable for its actions," Valero said in a statement.

"PG&E must take responsibility for the damages it caused to ensure reckless power outages with potentially significant consequences never happen again," the company's statement said.

Responding to the suit, PG&E said in a statement that "the safety of our customers, employees and the general public is always our top priority. We have engaged an outside, third-party engineering firm to conduct a review of the 18-minute power outage on May 5. We continue to partner with Valero and the city of Benicia to prevent similar power disruptions."