Engineering News

Valero completes acquisition of Meraux refinery
Oct. 2, 2011, 8:49 a.m. EDT

NEW YORK -(MarketWatch)- Valero Energy Corp. (VOL) Saturday said it completed its acquisition of Murphy Oil USA Inc' s oil refinery and related logistics assets in Meraux, La.

The $325 million purchase price included inventories valued at about $260 million, an adjacent product terminal, a 20% equity interest in the Collins Product Pipeline and T&M terminal, and a 3.2% interest in the Louisiana Offshore Oil Port (LOOP).

"We would like to extend a welcome to our new employees. The Meraux refinery, related assets and its employees will be great additions to our company, said Bill Klesse, Valero's chairman and chief executive.

San Antonio-based Valero is the largest independent refiner in the U.S. with 16 petroleum refineries with a combined throughput capacity of about 3 million barrels per day, 10 ethanol plants with a combined production capacity of 1.2 billion gallons per year, and a 50-megawatt wind farm.

Source: MarketWatch

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