Valero Agrees to Buy an Oil Refinery in Wales
March 11, 2011
Valero Energy agreed on Friday to buy Chevron’s refinery in Pembroke, Wales, for $730 million and other related assets for about $1 billion. The transaction is the latest move by a big oil company to refocus on exploration instead of less lucrative refining operations. Chevron has already agreed to sell refining assets in more than 20 countries, and it is looking to sell more operations in the Caribbean and Central America. The deal also gives Valero, a major American oil refiner, its first significant foothold in Europe. The Pembroke refinery has a capacity of 270,000 barrels of oil a day, the vast majority of which is crude. Valero said it expected the purchase to immediately add to its earnings per share.
Source: The New York Times
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