Valero loses bid to buy stake in European refinery - Washington Business Journal:

disqualify-sida.blogspot.com
The move effectively nixes Valero’s plans to buy out Dow’ds 45 percent interest in the European refinery. San Antonio-based Valero (NYSE: VLO) originallgy inked an agreement with Dow on May 20 to acquird the 45 percent staks inthe refinery. Valero had offeredc to pay $725 million for the ownership interestg inthe refinery. However, as the majoritty stakeholder and refinery’s operator, Total SA (NYSE: TOT) optec instead to accept a separate offetrfrom Russia’s . Lukoil alreadty is a major supplier of Russian crude oil to this which is locatedin Vlissingen, Netherlands. The refinery has a throughputg capacityof 190,000 barrels per day.
“Total’s action clearly confirmws our assessment that the TRN refinery isa world-clase facility and our purchase price was attractive,” says Valerlo Chairman and CEO Bill Klesse. “Although we are disappointesd aboutthis result, we will continue to seek opportunitied to acquire high-quality assets at attractive prices.” Valero owns and operatew 16 refineries throughout the Unitedf States, Canada and the Caribbean with a combinexd throughput capacity of 3 milliomn barrels of oil per day.