Chevron to buy Pasadena refinery from Petrobras for $350 M
HOUSTON (Reuters) - Chevron Corp said it would pay $350 million to buy a refinery in Pasadena, Texas, from Brazilian state oil company Petrobras, confirming a Reuters report.
In addition to the 110,000-barrel-per-day (
“This expansion of our Gulf Coast refining system enables Chevron to process more domestic light crude, supply a portion of our retail market in Texas and Louisiana with Chevron-produced products, and realize synergies through coordination with our refinery in Pascagoula,” said Pierre Breber, executive vice president of Chevron downstream & chemicals.
Chevron, which reported a 150,000-
The deal includes all of Petrobras subsidiary Pasadena Refining System Inc, which operates the refinery and tank farm and owns the adjoining property, and PRSI Trading LLC.
Once approved by regulators, the acquisition will become the second Gulf Coast refinery operated by Chevron and its only one in Texas.
Chevron, which reported a 150,000-
Reporting by Erwin Seba; Additional reporting by; Shanti S Nair in Bengaluru; Editing by Sachin Ravikumar and Sandra Maler
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