US-based oil and gas company Chevron has acquired the 110,000 bbl/d Pasadena refinery in Texas (United States) from the Brazilian state-held oil and gas company Petrobras for a total consideration of US$350m. The transaction includes the refinery, direct pipeline connections to increasing industry and equity crude oil production, connections to major oil product pipelines and waterborne access to receive and ship crude oil and refined products. It is subject to customary closing conditions, including regulatory approvals.
The refinery was commissioned in 1929. It has a storage capacity of 5.1 mbl of crude oil and oil products. Petrobras acquired a 50% stake in the refinery in 2006 from Transcor Astra Group for about US$360m. Following a legal battle, Petrobras completed the acquisition by purchasing its partner's 50% stake in July 2012 for US$820m.
With the acquisition, Chevron will increase its US refining network, which already comprises several assets such as the 350,000 bbl/d Pascagoula refinery in Mississippi, two refining facilities in California, in El Segundo (290,000 bbl/d) and Richmond (250,000 bbl/d) and the 54,000 bbl/d Salt Lake refinery in Utah.
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