Valero Energy Corp (VLO.N) will pay $730 million for Chevron Corp's (CVX.N) Pembroke refinery in Wales and other assets and $1 billion for the plant's inventories, giving the U.S. refiner its first foothold in Europe. Valero has long sought to buy a plant in Europe but was shut out of a deal to buy Total's (TOTF.PA) stake in a Dutch refinery in 2009 when Russia's Lukoil (LKOH.MM) stepped in. Chevron put its 220,000 barrels-per-day Pembroke refinery up for sale last year to lower its exposure to the refining business.
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