Texaco Plans To Acquire Gulf Oil's Interest In Pembroke Cracking Company

abarrelfullabarrelfull wrote on 23 Sep 2014 07:32

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November 06,1996

Texaco Ltd announced today that it has entered into a letter of understanding with Gulf Oil (Great Britain) Ltd to acquire Gulf's 50 per cent equity interest in the jointly-owned Pembroke Cracking Company (PCC).
This acquisition, expected to take place mid-1997, subject to final negotiations, will increase Texaco's throughput entitlement at the 90,000 barrel-per-day catalytic cracking facility, from 65 per cent to 100 per cent. The facility is located at Texaco's Pembroke refinery on Milford Haven, south-west Wales.

Commenting on the proposed acquisition, Roger Ebert, Texaco Ltd's managing director, manufacturing and marketing, said: "This transaction strengthens Texaco's commitment to its Pembroke facility. Texaco and Gulf have worked together over the years towards creating and operating a first-class upgrading facility.

"Taking full ownership will give us improved flexibility to configure the refinery processes which will lower feedstock costs, reduce overall expenses, improve key product qualities and manufacture a wider range of high value products. Additionally it will enhance the possibility of future investment opportunities coming to Pembroke."

The Texaco refinery, on the south shore of Milford Haven, has been operational since 1964 and covers an area of 223 hectares (550 acres). It provides employment for about 500 full-time personnel and 400 contractors, and can process up to 190,000 barrels of crude oil a day, including 13.6 million litres (3.5 million gallons) of petrol.
The Pembroke Cracking Company was established in 1977 as a partnership between Texaco Ltd and Gulf Oil (Great Britain) Ltd. PCC operates the 90,000 barrel-per-day catalytic cracking unit located on the Texaco site. The throughput of PCC is split 65/35 between Texaco and Gulf, respectively.

  • [ Texaco Plans To Acquire Gulf Oil's Interest In Pembroke Cracking Company]

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