By Bowdeya Tweh

Chevron Corp. (CVX) said Wednesday it reached a deal to buy a Pasadena, Texas, refinery from Petróleo Brasileiro SA for $350 million.

"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's downstream and chemicals unit, in a news release.

The 466-acre complex includes a refinery that has the capacity to process about 110,000 barrels per day of light crude. The site also has a tank farm with a storage capacity of 5.1 million barrels of crude oil and refined products.

Chevron said the acquisition will add to its U.S. refining network, which includes a refinery in Mississippi, two facilities in California and a refinery in Utah.

Petrobras, Brazil's state-controlled oil company, had said last year it was seeking to sell the Texas refinery complex.

Write to Bowdeya Tweh at bowdeya.tweh@wsj.com

(END) Dow Jones Newswires

January 30, 2019 17:43 ET (22:43 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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