Valero to Buy Chevron’s Pembroke Refinery for $1.73 Billion
March 14, 2011
Bloomberg reports, Valero Energy Corp. has agreed to buy Chevron Corp.’s U.K. refinery and 1,000 retail outlets for about $1.73 billion in cash, gaining its first European plant. The Pembroke refinery will add 26 cents a share to annual profit based on 2010 market prices, San Antonio-based Valero said in a statement today. The purchase is expected to close in the third quarter, subject to regulatory approval. The Welsh refinery is capable of processing 270,000 barrels a day, San Ramon, California-based Chevron said in a separate statement. Pembroke exports half its gasoline output to New York and Florida, Valero said.