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 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

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index