Valero Said to Buy Chevron’s U.K. Refinery for $2 Billion

Valero Energy Corp., the largest U.S. oil refiner, plans to buy Chevron Corp.’s U.K. refinery for about $2 billion, said two people with knowledge of the deal.

An announcement was scheduled for today, and now may come as soon as tomorrow, said one of the people, who declined to be identified because the deal hasn’t been made public. Chevron has been seeking a buyer for the Pembroke refinery in Wales, its last European plant, for almost a year. The offer, expected to be in cash, includes the plant’s inventory of crude oil and refined products, the people said.