Petrobras has signed an agreement with the Belgian group Transcor/Astra, owner of Astra Oil Trading NV (Astra), to end the existing lawsuits with its partner and acquire its 50% stake in the Pasadena refinery in Texas. Petrobras had acquired a 50% interest in 2006 for $360m and has thus gained full control over the refinery.
The lawsuits stemmed from the partnership period between Astra and Petrobras America Inc. (PAI), a subsidiary of Petrobras, in the Pasadena Refining System, Inc. (PRSI), owner of the Pasadena Refinery in Texas and the Trading Company. The agreement ends the ongoing legal issue regarding the arbitration process that had recognized Astra’s put option for PAI’s ownership interest (50%) of PRSI and the Trading Company. Under the deal, Petrobras will pay the put option value, set by a report dated in 2009, issued during the arbitration process mentioned above, plus interest and other legal expenses, totalling $820.5m.
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