Chevron Agrees with Petrobras to Buy Pasadena Refinery System for $350 million
30 Enero 2019 - 4:06PM
Business Wire
Chevron U.S.A. Inc. (CUSA), a wholly owned subsidiary of Chevron
Corporation (NYSE: CVX), today announced that it has signed a Share
Purchase Agreement with Petrobras America Inc. (Petrobras) to
acquire all the outstanding shares and equity interests of Pasadena
Refining System, Inc., which includes the refinery in Texas, and
PRSI Trading, LLC for $350 million, excluding working capital.
“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.
Assets include a refinery with a capacity to process
approximately 110,000 barrels per day of light crude, direct
pipeline connections to increasing industry and equity crude oil
production, connections to major product pipelines as well as
waterborne access to receive and ship crude oil and refined
products. The 466-acre complex is in Pasadena, Texas. It comprises
a 323-acre refinery including a tank farm with a storage capacity
of 5.1 million barrels of crude oil and refined products, as well
as 143 acres of additional land.
The acquisition will add to the refining network of CUSA, which
includes a refinery in Pascagoula, Miss., two facilities in
California, in El Segundo and Richmond, and the Salt Lake refinery
in Utah.
The acquisition is subject to customary closing conditions,
including regulatory approvals.
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Braden Reddall, +1 925-842-2209
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