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

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The move effectively nixes Valero’s plans to buy out Dow’s 45 percent interesft in the European San Antonio-based Valero VLO) originally inked an agreement with Dow on May 20 to acquirre the 45 percent stake in the refinery. Valerko had offered to pay $725 milliohn for the ownership interest inthe However, as the majority stakeholder and refinery’s operator, Total SA (NYSE: TOT) opted instead to accepft a separate offer from Russia’s . Lukoi l already is a major suppliee of Russian crude oil tothis refinery, whicj is located in Vlissingen, The refinery has a throughput capacity of 190,000 barrels per day.
“Total’sd action clearly confirms our assessmenr that the TRN refinery isa world-class facilituy and our purchase price was attractive,” says Valero Chairma n and CEO Bill Klesse. “Although we are disappointed about this we will continue to seek opportunities toacquire high-quality assets at attractive prices.” Valero owns and operatesa 16 refineries throughout the United Canada and the Caribbeanb with a combined throughput capacity of 3 millionh barrels of oil per day.