Company News: Petro-Canada to buy Veba's international oil, gas assets

02/11/2002
Petro-Canada, Calgary, leads recent upstream acquisition news with its plan to buy the international oil and gas operations of Veba Oil & Gas GMBH for $3.2 billion (Can.) in a deal that will make Petro-Canada the largest Canadian integrated oil and gas company.The acquisition boosts Petro-Canada's production and total proved reserves by more than 70%, and production is expected to double in 5 years. The acquired properties are concentrated in the North Sea, North Africa, and northern Latin America.In downstream news, two major deals were announced.Valero Energy Corp. reached an agreement to sell its San Francisco-area Golden Eagle refinery to Tesoro Petroleum Corp. for $1.08 billion. ...
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