US oil company Chevron has put its Welsh petrochemicals refinery up for sale as part of a broader restructuring process that will address global overcapacity in refining.
Potential buyers are being approached in a bid to ascertain the level of interest for the refinery in Pembrokeshire, Wales, which employs 1,400 people.
leuan Wyn Jones, the Welsh Deputy First Minister said, after having spoken to Chevron recently: "As Chevron's only refinery in Europe, this site is of huge significance in terms of refining capacity and economic value to the area, Wales and the UK."
Founded in 1964, the Pembrokeshire refinery provides petrol to Chevron's 1,100 Texaco station across Britain.
It processes about 220,000 barrels of crude oil per day and is thought to be worth £1.5m a week to the county's economy.
It is understood that Chevron plans to invest over £50m at the site, and will retain the business if it is not sold.
Tom Kovar, general manager of the plant said: "this refinery is efficient and flexible and those are keys to surviving in today's world."
