Valero acquires California refinery, outlets

Valero Energy Corp.'s $895 million-plus purchase of ExxonMobil Corp.'s Benicia refinery and 340 marketing outlets in California marks the San Antonio independent refiner's entry into retail operations, along with a major geographic diversification of its business.The Benicia refinery is one of the best-maintained and most complex refineries in the US, with a replacement value of $2 billion and a potential for upgrade, said Valero officials.The acquisition will significantly strengthen Valero's refining and marketing position, said Bill Greehey, company chairman and CEO. The company is already the second-biggest independent US refiner, with five refineries in Texas, Louisia...

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