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Article: United States: Valero to Buy Dows Stake in Total Refining Venture.

Article from:
TendersInfo
Article date:
May 22, 2009
Copyright

Byline: manish03

Valero Energy Corp., the largest U.S. oil processor, agreed to buy Dow Chemical Co. s 45 percent stake in a refining venture with France s Total SA for about $725 million to gain a foothold in Europe.

The price includes asset value and an estimate for fuel inventories and working capital at the venture, San Antonio- based Valero said today in a statement. The Total Raffinaderij Nederland NV venture owns the Vlissingen refinery in the Netherlands, which can process about 190,000 barrels of oil a day. Total will continue to operate the plant, Valero said.

Valero, which has sold fuel in Europe from its Aruba plant when profit ...

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