Chevron to Acquire Petrobras’ Pasadena Refinery System for $350 Million
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Chevron has signed a share purchase agreement with Petrobras America 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, Mississippi, two facilities in California, in El Segundo and Richmond, and the Salt Lake refinery in Utah.
About Chevron
Chevron Corporation is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, California.
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