Chevron and Valero Energy reach sale agreement

American energy company Chevron has reached an agreement with Valero Energy to sell Chevron Limited, the entity that holds the 220,000 barrel per day Pembroke Refinery and other downstream assets in the UK and Ireland.

The sale price is $730m (£453.8m), with an additional payment estimated to be $1bn for Chevron Limited’s inventory and other items, and the agreement expected to be completed during the second half of 2011.