Chevron Corp completed a $350 million purchase of a refinery in the Houston subu...
HOUSTON - Chevron Corp completed a $350 million purchase of a refinery in the Houston suburb of Pasadena, Texas, from Brazil’s national oil company, Petrobras, Chevron said in a statement.
The sale was agreed to in January, but Chevron put the transfer of the 112,229-barrel-per-day plant’s ownership on hold on April 2, telling Petrobras it had to prove the refinery would operate as promised, sources told Reuters. Chevron wanted the refinery to process sweet crude coming from its oil fields in the Permian Basin of Texas.
In addition to the refinery, Chevron acquired PRSI, a Petrobras subsidiary that operates the refinery and owns subsidiary PRSI Trading, which trades in crude and refined products markets. PRSI owns a 5.1-million-barrel storage tank farm and an additional 143 acres of land along the Houston Ship Channel.The Pasadena refinery was at the center of several investigations in Brazil of corruption within Petrobras.
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