Petrobras Sells Pasadena Refinery To Chevron For US$ 562 Million

[Judi Lynn]

Source: Folha Brazil


The Brazilian oil company sold the Texas-based facility for 30% of what it paid to acquire it in 2006; Operation Car Wash investigated the deal

Jan.31.2019 2:20PM

Nicola Pamplona
RIO DE JANEIRO
Petrobras confirmed on Wednesday (30th) it has sold the controversial Pasadena refinery, located in the outskirts of Houston, Texas, to Chevron.

The Brazilian company took US$ 562 million for the deal, half of what it paid to acquire it in 2006; a purchase later investigated during Operation Car Wash.

Chevron considers Pasadena an alternative to expanding its capacity to refine oil extracted from non-conventional reserves in the US and supply its branded fuel stations in the US Southwest.

The deal is part of Petrobras' plan to sell major assets and the company board approved it on Wednesday, almost one year after the refinery was put on sale.

Read more: https://www1.folha.uol.com.br/internacional/en/business/2019/01/petrobras-sells-pasadena-refinery-to-chevron-for-us-562-million.shtml

[Calista241]

1. I wonder who's pocket that money will end up in.

Selling off major assets in a firesale sounds like Maduro may be on his way out.

[EX500rider]

2. It's a Brazilian deal with Chevron. n/t