Valero Energy to acquire stake in TRN

Eric Watkins
OGJ Oil Diplomacy Editor

LOS ANGELES, May 26 -- Valero Energy Corp. entered into an agreement to acquire Dow Chemical Co.'s 45% interest in the Total Raffinaderij Nederland NV (TRN) for $725 million, including working capital and inventories.

TRN owns a 190,000 b/d refinery in the Netherlands' Zeeland region on the Scheldt River. TRN also owns an interest in the Massvlatke Olie Terminal in Rotterdam, one of the world's largest oil terminals.

The transaction is subject to regulatory approval as well as a right-of-first refusal held by Total SA, the refinery operator and owner of the remaining 55% interest in TRN, Valero said. The transaction is expected to close in the third quarter.

TRN's refinery, built in 1973, received major upgrades in the mid-1980s, mid-1990s, and throughout this decade. The refinery has a large, distillate-hydrocracking unit with capacity of 68,000 b/d.

Bill Klesse, Valero chairman and chief executive officer, said the acquisition represented an exceptional entry point into the European market, especially since TRN's refinery can process a variety of discounted feedstocks primarily into diesel and jet fuel within the world's strongest diesel market.

Contact Eric Watkins at hippalus@yahoo.com.

Related Articles

US reportedly will begin limited crude oil swaps with Mexico

08/14/2015 The Obama administration will begin to allow limited US crude oil swaps with Mexico, multiple news organizations reported. The US Department of Com...

Unipetrol declares force majeure at Czech ethylene plant

08/14/2015 Unipetrol AS has shuttered production at its Chempark Zaluzi petrochemical complex in Litvinov, Czech Republic, following an explosion and ensuing ...

NOIA president urges BOEM to hold Aug. 19 lease sale as scheduled

08/14/2015 The US Bureau of Ocean Energy Management should ignore a call by groups to delay US Outer Continental Shelf Lease Sale No. 246 and hold it on Aug. ...

Rosneft buying pressure-pumping company

08/14/2015 A Rosneft Group subsidiary, RN Assets LLC, has agreed to buy 100% interest in the Russian pressure-pumping unit of Trican Well Service Ltd., Calgar...

BOEM to prepare SEIS for 2017 Central Gulf of Mexico lease sale

08/14/2015 The US Bureau of Ocean Energy Management plans to prepare a supplemental environmental impact statement for the final Central Gulf of Mexico Planni...

MARKET WATCH: NYMEX crude oil prices drop to 6-year lows again

08/14/2015 The front-month light, sweet crude oil contract dropped more than $1/bbl on the New York market Aug. 13 to settle below $43/bbl, putting it back ar...

New ozone limits unnecessary, 370 state business groups declare

08/13/2015 The US Environmental Protection Agency’s proposal to reduce ozone limits is both costly and unnecessary, 370 state business groups from across the ...

India, Nepal eye border products line

08/13/2015 The governments of India and Nepal have signed a memorandum of understanding for construction of a pipeline to carry oil products from an Indian Oi...

MARKET WATCH: NYMEX crude oil prices gain on IEA’s demand forecast

08/13/2015 The front-month light, sweet crude oil contract gained modestly on the New York market Aug. 12, which analysts largely attributed to a monthly mark...
White Papers

Solutions to Financial Distress Resulting from a Weak Oil and Gas Price Environment

The oil and gas industry is in the midst of a prolonged worldwide downturn in commodity prices. While ...
Sponsored by

2015 Global Engineering Information Management Solutions Competitive Strategy Innovation and Leadership Award

The Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global...
Sponsored by

Three Tips to Improve Safety in the Oil Field

Working oil fields will always be tough work with inherent risks. There’s no getting around that. Ther...
Sponsored by

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by
Available Webcasts


The Resilient Oilfield in the Internet of Things World

When Tue, Sep 22, 2015

As we hear about the hype surrounding the Internet of Things, the oil and gas industry is questioning what is different than what is already being done. What is new?  Using sensors and connecting devices is nothing new to our mode of business and in many ways the industry exemplifies many principles of an industrial internet of things. How does the Internet of Things impact the oil and gas industry?

Prolific instrumentation and automation digitized the industry and has changed the approach to business models calling for a systems led approach.  Resilient Systems have the ability to adapt to changing circumstances while maintaining their central purpose.  A resilient system, such as Maximo, allows an asset intensive organization to leverage connected devices by merging real-time asset information with other critical asset information and using that information to create a more agile organization.  

Join this webcast, sponsored by IBM, to learn how about Internet of Things capabilities and resilient systems are impacting the landscape of the oil and gas industry.

register:WEBCAST



On Demand

Taking the Headache out of Fuel License and Exemption Certificates: How to Ensure Compliance

Tue, Aug 25, 2015

This webinar, brought to you by Avalara, will detail the challenges of tax document management, as well as recommend solutions for fuel suppliers. You will learn:

-    Why it’s critical to track business partner licenses and exemption documents
-    The four key business challenges of ensuring tax compliance through document management
-    Best practice business processes to minimize exposure to tax errors

register:WEBCAST


Driving Growth and Efficiency with Deep Insights into Operational Data

Wed, Aug 19, 2015

Capitalizing on today’s momentum in Oil & Gas requires operational excellence based on a clear view of what your business data is telling you. Which is why nearly half* of oil and gas companies have deployed SAP HANA or have it on their roadmap.

Join SAP and Red Hat to learn more about using data to drive process improvements and identify new opportunities with the SAP HANA platform running on Red Hat Enterprise Linux. This webinar will also show how your choice of infrastructure impacts the performance of core business applications and your ability to achieve data-driven insights quickly and reliably.

*48% use SAP, http://go.sap.com/solution/industry/oil-gas.html

register:WEBCAST


OGJ's Midyear Forecast 2015

Fri, Jul 10, 2015

This webcast is to be presented by OGJ Editor Bob Tippee and Senior Economic Editor Conglin Xu.  They will summarize the Midyear Forecast projections in key categories, note important changes from January’s forecasts, and examine reasons for the adjustments.

register:WEBCAST


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected