Valero Energy agrees to buy Premcor for $8 billion

Valero Energy Corp. announced plans to buy Premcor Refining Group Inc. and its four refineries for $8 billion. Upon closing, Valero would operate 19 refineries with crude capacity totaling 2.7 million b/cd, according to Oil & Gas Journal's latest Worldwide Refining Survey (OGJ, Dec. 20, 2004, p. 46).

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