Chevron USA has completed the acquisition of the Pasadena Refining System from Petrobras America for $350 million.
The refining system is a 466-acre complex in Pasadena, Texas and adds a second refinery to Chevron USA's Gulf Coast downstream business, which also includes a refinery in Pascagoula, Mississippi.
The refinery has the capacity to process 110,000 barrels per day of light crude, direct pipeline connections to increasing industry and equity crude oil production, connections to major product pipelines, and dock access to receive and ship crude oil and refined products.
It includes a tank terminal with storage capacity of 5.1 million barrels of crude oil and refined products, as well as 143 acres of additional land.
Mark Nelson, Chevron's executive vice president for downstream and chemicals, says: 'This acquisition builds on the strength of our existing Gulf Coast business, enabling us to supply more of our retail market in the region with Chevron-produced products, and positions us for connectivity to our strong upstream assets in the Permian Basin.'
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