Valero Energy Corp (VLO.N) will pay $730 million for Chevron Corp's (CVX.N) Pembroke refinery in Wales and another $1 billion for 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. News of the pending deal had leaked out in recent days, although the financial terms announced were lower than the $2 billion that sources had said the transaction would be worth.
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