April 2011

Trends and Resources

HP Impact: Valero confirms purchase of Chevron’s Pembroke refinery and other assets

Valero Energy has agreed to acquire Chevron’s Pembroke refinery in Wales, UK, as well as extensive marketing and logistics assets throughout the UK and Ireland, for $730 million, excluding working capital.

Valero Energy has agreed to acquire Chevron’s Pembroke refinery in Wales, UK, as well as extensive marketing and logistics assets throughout the UK and Ireland, for $730 million, excluding working capital. Based on current market prices, working capital has an estimated value of $1 billion, although the final value for working capital will be determined at closing. The company expects to fund the transaction from available cash, and it is expected to close in the third quarter of 2011, subject to regulatory approvals. The Pembroke refinery has a total throughput capacity of 270,000 bpd, of which 220,000 bpd is crude capacity, and is one of Western Europe’s largest and most complex

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