Valero Strikes $8 Billion Deal With Premcor

Valero Energy and Premcor have struck a deal for Valero to buy Premcor for $8 billion. "This transaction is one of the largest and most strategic acquisitions in Valero's history," said Valero chairman and CEO, Bill Greehey. "We are acquiring several very strategic refineries for significantly less than their combined replacement value, and we'll be improving the profitability of these plants by capturing synergies, improving their reliability and yields, and increasing their capacities. Valero will become the biggest refiner in North America by adding four refineries and 790,000 barrels per day (BPD) of throughput capacity to its system. A latest ebusiness news