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Petrobras puts Texas refinery up for sale

06 Feb 2018 22:54 GMT
Petrobras puts Texas refinery up for sale

Rio de Janeiro, 6 February (Argus) — Brazil's state-controlled Petrobras opened the non-binding phase of a sale process for its 110,000 b/d Pasadena refinery in Texas.

The planned sale covers the refinery with storage capacity of 5.1mn bl of oil and derivatives, maritime terminal, logistics and associated inventory. The sale also includes 143 acres adjacent to the refinery that could be used for the construction of additional refining processing units, terminalling or storage capacity, Petrobras said.

The refinery is located on the Houston Ship Channel and has direct access to the Colonial and Explorer Pipeline systems.

Petrobras says the refinery does not align with its strategic focus and believes it may have higher value for another investor.

The sale is part of the company's $21bn 2017-18 divestment plan.

Interested companies have until 23 February to request more information on the refinery and sale process.

Pasadena was one of the downstream projects at the center of Brazil's far-reaching Lava Jato investigation. Brazil's federal audit court TCU is still investigating Brazil's former president Dilma Rousseff in relation to Petrobras' ill-fated 2006 acquisition of the refinery from Belgium's Transcor Astra, a deal the court says cost public coffers around $580mn.