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.

Sign up for PennEnergy's eNewsletters


For Email Newsletters you can trust

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs