Valero (VLO) in Talks to Acquire Chevron's (CVX) Final European Refinery
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Valero Energy Corp. (NYSE: VLO) is in talks to buy Chevron Corp.'s (NYSE: CVX) U.K refinery for $1 billion to $1.5 billion, according to a report from Bloomberg citing two people familiar with the matter.
The sources stated that the a deal could be reached as soon as next month. Chevron has been looking for a buyer for its Pembroke refinery in Wales, which is the company's only remaining European plant.
The sources did not indicate if there are additional buyers interested in the asset other than Valero, and talks still could breakdown.
Chevron is on of the oil companies looking to cut debt by selling refineries, while redeploying spending to oil exploration and development in higher growth regions.
The sources stated that the a deal could be reached as soon as next month. Chevron has been looking for a buyer for its Pembroke refinery in Wales, which is the company's only remaining European plant.
The sources did not indicate if there are additional buyers interested in the asset other than Valero, and talks still could breakdown.
Chevron is on of the oil companies looking to cut debt by selling refineries, while redeploying spending to oil exploration and development in higher growth regions.
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