Valero completes acquisition of Murphy Oil's Meraux, Louisiana, refinery and related logistics assets for US$325M plus inventories valued at about US$260M

MERAUX, Louisiana , October 1, 2011 () – Valero Energy Corp. has announced the completion of its acquisition of Murphy Oil Corp.'s refinery at Meraux.

In a Saturday news release out of San Antonio, Valero said it acquired the refinery and related logistics assets for $325 million plus inventories valued at approximately $260 million.

Valero said that in addition to the refinery, the purchase price includes an adjacent product terminal, a 20 percent equity interest in the Collins Product Pipeline and T&M terminal, and a 3.2 percent interest in the Louisiana Offshore Oil Port.

Last month, Valero said it planned to fund the purchase from available cash.

El Dorado, Ark.-based Murphy Oil has said the sale is part of a plan to exit the refining business.

The refinery has a capacity of 135,000 barrels per day. It has a Mississippi River dock, pipelines to Collins, Miss., and is located about 40 miles from Valero's refinery at Norco, La.

"We would like to extend a welcome to our new employees," Bill Klesse, Valero's Chairman and CEO, said in the news release. "The Meraux refinery, related assets and its employees will be great additions to our company."

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