Stay informed with our
free newsletters

Chevron Agrees with Petrobras to Buy Pasadena Refinery System for $350 M

Chevron U.S.A. Inc. a wholly owned subsidiary of Chevron Corporation, today announced that it has signed a Share Purchase Agreement with Petrobras America Inc. (Petrobras) 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.

Thermal Enhanced Oil Recovery (EOR) Market Report 2021-2031

Thermal Enhanced Oil Recovery (EOR) Market Report 2021-2031

Forecasts by Spending (CAPEX, OPEX), by End-Product (Oil Sand, Thermal Heavy Oil), by Technology (Fast Steam Assisted Gravity Drainage (SAGD), Non-Condensable Gas Injection with Steam (NCG-SAGD), Once Through Heat Recovery Steam Generators (OTSG), Solar Thermal Enhanced Oil Recovery (ST-EOR), Thermally-Assisted Gas-Oil Gravity Drainage (TAGOGD), Tertiary Gravity Drainage (TGD)), by Method (Hot Fluid Injection Process, In-Situ Combustion (ISC), Electric Heating Methods, Electromagnetic Method) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Thermal EOR Companies AND COVID-19 Recovery Scenarios

Download free sample pages

The acquisition will add to the refining network of CUSA, which includes a refinery in Pascagoula, Miss., two facilities in California, in El Segundo and Richmond, and the Salt Lake refinery in Utah.

The acquisition is subject to customary closing conditions, including regulatory approvals.

 

Source: Chevron Corp.
Date: Jan 31, 2019


Share this news: