Brazil’s Petrobras Sells Pasadena Refinery to Chevron

The Pasadena purchase by Petrobras came under scrutiny in 2014 from Brazilian prosecutors looking into the mega corruption Lava Jato scandal.

By Lise Alves, Senior Contributing Reporter

RIO DE JANEIRO, BRAZIL – Petrobras America Inc. (PAI), a Petrobras subsidiary, signed a purchase and sale agreement on Wednesday with Chevron USA Inc. for the sale of the shares it held of the Pasadena Refining System (PRSI), located in Pasadena, Texas.

“The transaction value comprises US$ 562 million, of which US$ 350 million corresponds to equity and US$ 212 million corresponds to working capital as of October 2018. The final transaction value is subject to working capital variation up to the closing date,” said the note issued by Petrobras.

According to Petrobras, PRSI has . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?