S&P 500
7,401.00
+0.91%
Dow Jones
49,665.70
+0.19%
Nasdaq 100
29,241.00
+2.43%
Russell 2000
2,860.88
+0.82%
FTSE 100
10,263.70
+0.48%
Nikkei 225
63,767.70
+2.68%

Investing

UK Refinery Generates Interest Among Potential Buyers (VLO, CVX)

Photo of Paul Ausick
By Paul Ausick Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Bankrupt European refiner Petroplus has received more than 40 expressions of interest in its 175,000 barrel/day Coryton refinery in southeast England. The plant is the company’s most profitable and complex refinery.

A good comparison would be the 220,000 barrel/day Pembroke refinery in Wales that Valero Energy Corp. (NYSE: VLO) purchased from Chevron Corp. (NYSE: CVX) last August for $730 million, not including working inventory. Refineries are not very popular right now, but price of around $650 million for Coryton doesn’t seem unreasonable.

A Reuters report notes only that there are some “very credible” buyers among the tire-kickers, including European oil companies, commodity trading houses, and companies from Russia and the Middle East.

Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

Continue Reading

Paul Ausick |

Is Oil Refining a Zombie Industry? (DAL, PSX, VLO, MPC, TSO, HFC, WNR, CVI, CG, XOM, CVX, BP, PBR)

When Delta Air Lines Co. (NYSE: DAL) agreed to buy an oil refinery from Phillips 66 (NYSE: PSX), the transaction…

Douglas A. McIntyre |

Valero Grabs Another Refinery (VLO, MUR, CVX, HFC)

Crude oil refining doesn’t get much respect. The business is cyclical to the point of fickleness and it is often…

Paul Ausick |

U.S. Refiners Boosting Global Supply: IEA

courtesy BP plcU.S. crude oil refiners’ stocks are surging Friday following the release of the International Energy Agency’s (IEA) October…

Jon C. Ogg |

Valero Looks To Get U.K. Refinery on the Cheap (CVX, VLO, HOC, FTO, RDS-A, BP)

Almost a year ago, Chevron Corp. (NYSE: CVX) put out the word that it was looking to sell its Pembroke…

Paul Ausick |

BP’s Texas City Refinery on the Block (BP, MPC, MRO, VLO, TSO)

courtesy of BP plcOil supermajor BP PLC (NYSE: BP) has been seeking a buyer for its massive Texas City, Tex.,…

Paul Ausick |

Valero May Sell Shuttered Aruba Refinery to China (VLO, PTR, DAL, HES, CHK)

In a filing yesterday with the Securities and Exchange Commission, oil refiner Valero Energy Corp. (NYSE: VLO) said that it…

Paul Ausick |

What PBF Gets With Its Purchase of Louisiana Refinery From Exxon, PdVSA

PBF Energy has agreed to purchase Chalmette Refining from co-owners Exxon Mobil and Petróleos de Venezuela.

California Oil Refineries Investigated by State Attorney General
Paul Ausick |

California Oil Refineries Investigated by State Attorney General

California Attorney General Kamala Harris has subpoenaed documents from the state’s major oil refiners related to an investigation into whether…

Paul Ausick |

Chevron Earnings Stymied by Refining

courtesy of Chevron Corp.Chevron Corp. (NYSE: CVX) reported second-quarter 2013 results before markets opened this morning. The oil and gas…

Top Gaining Stocks

Akamai
AKAM • Vol: 21,556,944
Micron Technology
MU • Vol: 65,135,624
Intel
INTC • Vol: 227,504,426
Monster Beverage
MNST • Vol: 15,284,847
Dell Technologies
DELL • Vol: 12,167,525

Top Losing Stocks

Mettler Toledo International
MTD • Vol: 539,266
Motorola Solutions
MSI • Vol: 3,101,643
Expedia
EXPE • Vol: 4,189,786
Coterra Energy
CTRA • Vol: 73,319,495
Fidelity National Information Services
FIS • Vol: 11,468,820