Home › Forums › Refining Community › Refinery News › Petrobras buys 50 percent stake in Pasadena refinery › RE: Update 2 – Petrobras to purchase all Pasadena
Here is update on the Petrobras purchase of 50% stake in the Pasadena Refinery & Petrobras is making bid for Astra’s remaining 50%.
Petrobras in talks to buy US refinery’s other half
(Yahoo/SGNews) RIO DE JANEIRO, Dec. 21,2007 – Brazil’s state-run oil company, Petrobras, is in talks to buy out the remaining 50 percent stake in the Pasadena, Texas, refinery from Astra Holding USA Inc, a company spokesman said on Friday.
Petrobras would not confirm a report in O Estado de S. Paulo newspaper that the purchase was almost sealed and Petrobras would take over the other part of the joint venture before the end of the year.
“There are talks about the stake. They still continue,” the spokesman said.
Astra is the U.S. refining subsidiary of Belgium’s Compagnie Nationale a Portefeuille .
Petrobras bought the initial 50 percent stake in the Pasadena Refinery System Inc for $360 million in September 2006. It plans to double its capacity to 200,000 barrels per day by 2010 and configure it to process high-density oil.
Petrobras has two refineries in Brazil and plans to build another two. Last month, Petrobras bought control of the Nansei Sekiyu refinery on the southern Japanese island of Okinawa from Exxon Mobil group for $50 million.
Company officials have said they are still looking for refining assets in Europe and the United States.
Petrobras is trying to boost its refining capacity overseas to add value to its rising exports of heavy crude from Brazil.
The company has an overseas refining capacity target of 400,000 barrels per day for 2012, up from 130,000 bpd now.