Chevron USA has signed a share purchase agreement with Petrobras America to acquire all outstanding shares and equity interests of the Pasadena Refining System for $350 million.
The transaction by the wholly owned subsidiary of Chevron Corporation includes the refinery in Texas and PRSI Trading. Assets include the refinery with a 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 as well as waterborne access to receive and ship crude oil and refined products.
The 466-acre complex in Pasadena, Texas, 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.
Pierre Breber, executive vice president of Chevron downstream & chemicals, says: ‘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 realise synergies through coordination with our refinery in Pascagoula.’
The acquisition will add to the refining network of CUSA, which includes a refinery in Pascagoula, Mississippi, two facilities in California, in El Segundo and Richmond, and the Salt Lake refinery in Utah.