Valero Energy Corporation last month completed the purchase of Chevron’s Pembroke refinery in Wales, as well as extensive marketing and logistics assets throughout the United Kingdom and Ireland. The purchase price was $730m, excluding working capital, and was funded from available cash.

Joe Gorder, Valero’s President for Europe," said: "We have been looking for several years at available downstream assets in western Europe that would expand our geographic footprint.

"We believe this acquisition fits perfectly, and that we are acquiring one of the finest refining, marketing and logistics operations in all of Europe."

Chevron also confirmed completion of the deal, which meant, with effect from August 1, 2011, Chevron Limited became part of the Valero family of companies.

Under the agreement Valero is required to change the legal name of Chevron Limited and its subsidiaries, to remove references to ’Chevron’ and other proprietary names.

Chevron will retain its upstream, lubricants and Oronite additives businesses in Europe. Its remaining UK lubricants and trading businesses will continue to operate under the name Chevron Products UK Limited.

Valero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels, other petrochemical products and power.