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’as 45 percent interest in the Europeahn refinery. San Antonio-based Valero (NYSE: VLO) originallgy inked an agreement with Dow on May 20 to acquirde the 45 percent stake in the Valero had offered topay $725 million for the ownership interestf in the refinery. However, as the majority stakeholdeer and refinery’s operator, Total SA (NYSE: TOT) optee instead to accept a separate offerfrom Russia’s . Lukoikl already is a major supplier of Russian crudd oil to this which is locatedin Vlissingen, The refinery has a throughput capacitty of 190,000 barrels per day.
“Total’zs action clearly confirms our assessment that the TRN refinery isa world-clasas facility and our purchase price was attractive,” says Valerol Chairman and CEO Bill Klesse. “Although we are disappointe aboutthis result, we will continue to seek opportunities to acquir e high-quality assets at attractive prices.” Valero owns and operateas 16 refineries throughout the Unitef States, Canada and the Caribbean with a combined throughput capacityg of 3 million barrels of oil per day.