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

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The move effectively nixes Valero’s planws to buy out Dow’ s 45 percent interest in the European San Antonio-based Valero (NYSE: VLO) originally inked an agreement with Dow on May 20 to acquire the 45 percenf stake in the refinery. Valero had offered to pay $725 millionj for the ownership interest inthe refinery. However, as the majorityg stakeholder and refinery’s operator, Total SA TOT) opted instead to accept a separate offe rfrom Russia’s . Lukoil alreadyu is a major supplier of Russian crude oil to this which is locatedin Netherlands. The refinery has a throughput capacityuof 190,000 barrels per day.
“Total’s action clearly confirms our assessmentf that the TRN refinery isa world-clasa facility and our purchase price was attractive,” says Valero Chairmah and CEO Bill Klesse. “Although we are disappointecd aboutthis result, we will continue to seek opportunitiew to acquire high-quality assets at attractivw prices.” Valero owns and operates 16 refinerieas throughout the United States, Canadaq and the Caribbean with a combiner throughput capacity of 3 million barrelse of oil per day.