Valero 2011 Annual Report Download - page 11

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11 | VALERO ENERGY CORPORATION 2011 SUMMARY ANNUAL REPORT | 11
Our acquisition of the Pembroke
Refinery in Wales, as well as marketing
and logistics assets throughout the
United Kingdom and Ireland, marked
an important entry into the European
markets. Pembroke is one of Western
Europe’s largest and most complex
refineries, and its low cash operating
cost per barrel also makes it a
competitive addition to our portfolio.
In addition to the refinery, we also
acquired ownership interests in four
major pipelines and 11 fuel terminals,
a 14,000 barrel-per-day aviation fuels
business and a network of more than
1,000 Texaco-branded wholesale sites.
Also in 2011, Valero acquired the
Meraux Refinery outside New Orleans,
plus related businesses. e refinery’s
location on the Mississippi River only
40 miles away from our St. Charles
Refinery provides excellent potential
for synergies between the two plants.
Valero will continue to invest in
operations and consider acquisitions
that boost long-term value.
The large hydrocracker projects at Port Arthur and St. Charles,
due for completion during the second half of 2012, were designed
to create high-value products from lower-cost feedstocks and
hydrogen sourced from relatively inexpensive natural gas.
DELIVERING ON
LONG-TERM VALUE