Chevron to buy $350m Texas refinery from Petrobras

Chevron Corp said it has agreed to purchase a refinery in Pasadena, Texas for US$350 million from Brazil’s Petrobras. The deal to acquire Petrobras subsidiary Pasadena Refining Systems, which along with the 110,000-barrel-per-day (bpd) refinery, includes a 466-acre complex housing storage tanks with capacity for 5.1 million barrels of crude oil and refined products and 143 acres of additional land, the company said. “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 realize synergies through coordination with our refinery in Pascagoula,” said Pierre Breber, executive vice president of Chevron downstream & chemicals. The acquisition will add to the refining network of CUSA, which includes a refinery in Pascagoula, Miss., two facilities in California, in El Segundo and Richmond, and the Salt Lake refinery in Utah. Once approved by regulators, the acquisition will become the second Gulf Coast refinery operated by Chevron and its only one in Texas. Chevron has said it wants a second Gulf Coast facility to handle crude and better supply its retail gasoline network. The plant produces mostly gasoline and distillates such as diesel.