Valero Energy completes purchase of Pembroke refinery
Valero Energy Corporation, has completed the purchase of Chevron’s Pembroke oil refinery in Wales for a reported US$730 million excluding working capital. “We have been looking for several years at available downstream assets in western Europe that would expand our geographic footprint,” said Joe Gorder, president for Europe of Valero. “We believe this acquisition fits perfectly, and that we are acquiring one of the finest refining, marketing and logistics operations in all of Europe,” he said. Valero manufactures and sells transportation fuels, petrochemical products and power. The company has 15 petroleum refineries with a combined capacity of 2.9 million barrels per day, 10 ethanol plants with a combined capacity of 1.2 billion gallons per year and a 50-megawatt wind farm. (August 3, 2011)
