The acquisition of Chevron's refinery at Pembroke by a subsidiary of Valero Energy Corporation was completed on Monday.

Finalisation of the deal marks a new chapter for Pembroke as the Valero flag now flies at the refinery.

The Texas-based independent refining and marketing company sees the purchase as a new step in its strategy.

Chairman, CEO and president Bill Klesse said on Monday: "Today marks the beginning of an exciting new chapter in Valero's history, and we believe this acquisition fits perfectly with Valero's efforts to be a world class, global competitor. We welcome everyone at Pembroke to the Valero family."

Pembroke refinery's new general manager, Ed Tomp, said: "Valero is a company that has been actively looking to move into Europe and grow its market. It is excellent news that they've chosen Pembroke to drive this strategy forward and it is a clear statement of the high regard they have for our refinery and its operations."

Ed Tomp's sentiments were echoed by Valero's new president for Europe, Joe Gorder.

"We have been looking for several years at available downstream assets in western Europe that would expand our geographic footprint. We believe this acquisition fits perfectly, and that we are acquiring one of the finest refining, marketing and logistics operations in all Europe."

Valero has acquired the Pembroke refinery from Chevron, as well as the marketing and logistics assets, for $730 million (approximately £447.5m/euro 506.46m), excluding working capital, and was funded from available cash.

The Pembroke plant is one of Europe's largest and most complex refineries, with a total throughput capacity of 270,000 barrels per day and a Nelson complexity rating of 11.8. Valero now has 15 refineries in total and 2.9 million barrels of throughput capacity overall.

In addition to the refinery, Valero also purchased ownership interests in four major pipelines and 11 fuel terminals, acquired a 14,000 barrel per day aviation fuels business, and a network of more than 1,000 Texaco-branded service stations in the UK and Ireland.