Valero seeks to buy stake in Netherlands refinery - Philadelphia Business Journal:

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San Antonio-based Valero (NYSE: VLO) will buy a 45 percentr interest in Total RaffinaderijNederland N.V. (TRN) in The Total S.A. (NYSE: the refinery’s operator, will continue to own the remaining 55 percent The transaction is subject to regulatory approval as wellas right-of-first refusakl by Total. If Valero can clear these the purchase could close duringthe third-quartef of 2009. The refinery was originally builf in 1973 but has received majoer upgrades inthe mid-1990s and throughout the 2000s. The refinery has a total throughputr capacityof 190,000 barrelz per day. “This acquisition represents an exceptional entry point for Valero into theEuropeajn market.
TRN’s large, complexx refinery has the flexibility to process a wide variet y of discounted feedstocks primarily into dieselo and jet fuel withinthe world’ s strongest diesel market,” says Valero Chairman and CEO Bill “Given its location near Rotterdam and with excellent this acquisition broadens our geographic diversification and provides tradinfg opportunities in the Atlantic Basin that complement our U.S. Gulf and East Coasyt operations as each companh supplies its share of feedstocks and receives its share ofrefinesd products,” he adds.
Valero is an oil refininv and marketing company that currently owns 16 refineries throughout theUnited States, Canada and the Caribbeab with a combined throughput capacityt of 3 million barrels per day. The company also is a leadinf ethanol producer with seven ethanol plants and a combinexd capacity of 780 million gallonsper