Valero closes $1.7B Pembroke Refinery purchase

By Phaedra Friend Troy

San Antonio-based Valero Energy Corporation (NYSE:VLO) has completed the $1.7 billion purchase of the Pembroke Refinery in Wales, UK, from super-major Chevron (NYSE:CVX).

The $1.3 billion price tag includes $730 million for the UK refinery and $1 billion for extensive marketing and logistics assets in the UK and Ireland.

“We have been looking for several years at available downstream assets in western Europe that would expand our geographic footprint,” said Joe Gorder, Valero’s President for Europe. “We believe this acquisition fits perfectly, and that we are acquiring one of the finest refining, marketing and logistics operations in all Europe.”

After the purchase announcement but before the completion, an explosion at the Pembroke Refinery killed four people and critically wounded another.

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