Valero Buys Chevron UK Refinery, Assets For $1.7B

Law360, New York (March 11, 2011, 11:14 PM EST) -- Valero Energy Corp. announced Friday that it would buy Chevron Corp.'s oil refinery in Wales in an estimated $1.7 billion deal that gives Valero control of the largest branded fuel dealer network in the U.K.

Valero plans to purchase Chevron's Pembroke refinery and its marketing and logistics assets throughout the U.K. and Ireland for $730 million, plus an estimated $1 billion for working capital, according to a statement from Valero.

Included in the deal are ownership interests in four major product pipelines and 11 fuel terminals,...
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