Valero plans to buy Chevron's UK oil refinery

LONDON: US refiner Valero Energy Corp is planning to buy Chevron's British refinery for about $2 billion and an announcement is expected on Thursday, Bloomberg reported, citing two people with knowledge of the deal.

Chevron has been seeking a buyer for its last European plant, in Pembroke, Wales, for almost a year.

"I can say that we have been very explicit about our desire to explore our options in Europe," Bill Day, a spokesman for Valero told Bloomberg. He declined to comment on the deal.

Valero and Chevron were not available for comment.