In addition to the refinery, the purchase price includes an adjacent product terminal, a 20% equity interest in the Collins Product Pipeline and T&M terminal, and a 3.2% interest in the Louisiana Offshore Oil Port (LOOP).   Valero had previously expected the deal to close in the fourth quarter.   
The acquisition, seen being funded with cash on hand, is a low-cost way for Valero to add conversion capacity, especially for ultra low-sulfur distillates, to its system, said Bill Klesse, Valero’s CEO during an investment conference in mid-September.

Hydroprocessing units include a 34,000-b/d hydrocracker, a 41,000-b/d high-pressure hydrotreater and a 12,000-b/d de-asphalted oil hydrotreater.   The plant’s ability to shift between product yields of 60/40 and 50/50 (gasoline/distillate) and its production of export-quality diesel that can be loaded for shipment out at the plant’s dock, shoehorn nicely into Valero’s Atlantic Basin supply strategy.   
Expansion of a crude oil pipeline into the refinery in early 2012 will mean that all crude supply can be piped in, freeing up capacity at the Meraux dock facilities for refined product exports.