Deals
Valero Said to Be in Talks to Buy Chevron’s U.K. Refinery
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Valero Energy Corp., the largest U.S. oil refiner, is in talks to buy Chevron Corp.’s U.K. refinery for $1 billion to $1.5 billion, according to two people with knowledge of the matter.
An agreement may be reached as soon as next month, said one of the people, who declined to be identified because the matter is private. Chevron has been seeking a buyer for the Pembroke refinery in Wales, its only remaining European plant, for almost a year. It’s unclear whether there are other bidders for the asset besides San Antonio-based Valero, and talks could still break down.