U.S. refiner Valero Energy Corp (VLO.N) has reached an agreement to buy Chevron Corp's (CVX.N) Pembroke refinery in Wales for around $2 billion, according to a source familiar with the matter. Chevron put its 210,000 barrel per day Pembroke refinery on sale last year as part of a decision to lower its exposure to the refining business. Valero spokesman Bill Day declined to comment on the Pembroke refinery specifically. "Valero has been saying for some time that we are interested in exploring our options regarding refining in Western Europe," he said in an email.
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