Valero Logistics UK Ltd (a subsidiary of Valero Energy Corp.) and SemGroup Europe Holding L.L.C. (a SemGroup Corp. company) have signed an agreement for the purchase of SemLogistics’ Milford Haven fuel storage facility on the west coast of Wales, UK.
Situated near Valero’s refinery in Pembroke, the facility is one of the largest petroleum products storage facilities in the UK, with 8.5 million bbls of capacity for storing gasoline, gasoline blendstocks, naphtha, jet fuel, gas oil, diesel, and crude oil.
Over 67% of the storage capacity is multiproduct or dual purpose, giving Valero the flexibility to meet demand both in the UK and across Northwest Europe. Additionally, Milford Haven will continue to operate as a third-party storage facility, offering storage options for third-party customers across the European petroleum markets.
“This facility complements our Pembroke refinery and fuel terminals in the UK and Ireland, making it a natural fit for the company,” said Joe Gorder, Valero Chairman, President and CEO. “This purchase demonstrates Valero’s commitment to Wales and the UK, and it aligns with our strategy to grow the logistics business and reduce secondary costs,” added Gorder.
Subject to customary regulatory approvals, Valero expects the purchase be completed in 3Q18. Valero also expects to retain the UK employees currently engaged in the business to be acquired.
Read the article online at: https://www.tanksterminals.com/storage-tanks/26022018/valero-purchases-fuel-storage-facility/