Chevron to Sell Pembroke Refinery to Valero for $730M

Chevron CVX has reached an agreement with Valero Energy Corporation VLO to sell Chevron Limited, the entity that holds the 220,000 barrel per day Pembroke Refinery and other downstream assets in the United Kingdom and Ireland.

The sale price is $730 million, plus an additional payment estimated to be $1 billion for Chevron Limited's inventory and other items. The agreement is subject to customary regulatory approvals and is expected to be completed during the second half of 2011.