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’ws 45 percent interest in the European San Antonio-based Valero (NYSE: VLO) originally inkedf an agreement with Dow on May 20 to acquire the 45 percen t stake in the refinery. Valero had offeresd to pay $725 million for the ownershi interest inthe refinery. as the majority stakeholdefr and refinery’s operator, Total SA TOT) opted instead to accept a separats offerfrom Russia’s . Lukoil already is a major suppliert of Russian crude oil to this which is locatedin Netherlands. The refinery has a throughpugt capacityof 190,000 barrels per day.
“Total’z action clearly confirms our assessment that the TRN refinery isa world-clase facility and our purchasee price was attractive,” says Valero Chairman and CEO Bill Klesse. “Althougjh we are disappointed aboutthis result, we will continue to seek opportunitie to acquire high-quality assets at attractive prices.” Valerko owns and operates 16 refineries throughout the United States, Canada and the Caribbean with a combined throughput capacitt of 3 million barrels of oil per day.