US Valero closes acquisition of Chevron's Pembroke, UK refinery
01 August 2011 14:34 [Source: ICIS news]
LONDON (ICIS)--Valero has completed its $730m (€504m) acquisition of Chevron’s 220,000 bbl/day refinery at Pembroke in the ?xml:namespace>UK, the US-based oil company said on Monday.
The deal includes extensive marketing and logistics assets throughout the UK and Ireland, Valero said in a statement, adding that the purchase price excluded working capital and was funded from available cash.
“We have been looking for several years at available downstream assets in western Europe that would expand our geographic footprint,” said Valero’s Europe president Joe Gorder.
“We believe this acquisition fits perfectly, and that we are acquiring one of the finest refining, marketing and logistics operations in all Europe.”
The facility, in Wales, is a large complex refinery with catalytic cracking capacity. In addition to 220,000 bbl/day of crude oil processing capacity, it can also process 50,000 bbl/day of other feedstocks.
About 5% of the refinery's products are chemicals and liquefied petroleum gas (LPG), according to Valero.
When the deal was announced in March, Chevron said it was in line with its strategy to focus downstream business primarily in North America and the Asia-Pacific region.
($1 = €0.69)By: Graeme Paterson+44 20 8652 3214
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