Petrobras Completes Sale of Pasadema Refinery for Less Than Half the Value

Written by Paulo Nogueira

Published on 02/05/2019 at 11:11

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Petrobras Completes Sale of Pasadena Refinery for US$ 467 Million. Acquired for US$ 1.18 Billion in a Controversial Process, Refinery Was Sold to American Chevron for Less Than Half the Value.

Petrobras signed on Wednesday, April 30, with Chevron, the purchase and sale agreement regarding the complete divestiture of the shares it held in the companies that make up the Pasadena refining system in Texas, United States. The transaction was carried out through its subsidiary Petrobras America Inc (PAI). Chevron disbursed US$ 467 million (approximately R$ 1.8 billion) to PAI, with US$ 350 million for the value of the shares and US$ 117 million in working capital, which will be adjusted later to reflect the position as of the closing date.

Before finalizing the purchase, Chevron demanded that Petrobras provide proof that the Pasadena refinery would operate as promised. The purchase was announced in January, but for a higher amount; at the time, the deal was estimated at a total of US$ 562 million, initially at US$ 350 million plus US$ 212 million in working capital. The sale of the refinery is part of Petrobras’ divestment program and must be submitted for evaluation by regulatory bodies.

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Petrobras Completes Sale of Pasadema Refinery for Less Than Half the Value

Petrobras Completes Sale of Pasadena Refinery for US$ 467 Million. Acquired for US$ 1.18 Billion in a Controversial Process, Refinery Was Sold to American Chevron for Less Than Half the Value.

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Petrobras Completes Sale of Pasadema Refinery for Less Than Half the Value

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