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Petrobras buys 50 percent stake in Pasadena refinery

Home Forums Refining Community Refinery News Petrobras buys 50 percent stake in Pasadena refinery

This topic contains 3 replies, has 2 voices, and was last updated by  Charles Randall 13 years, 1 month ago.

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  • #4129

    Charles Randall
    Participant

    Wednesday September 20, 12:08 pm ET
    Petróleo Brasileiro SA has completed a $360-million acquisition of a 50 percent stake in Pasadena Refinery System Inc., in a move to expand the company’s presence in U.S. downstream operations.
     
    The Pasadena refinery, located next to the Houston Ship Channel, has a processing capacity of 100,000 barrels per day. The downstream oil segment includes the refining of crude oil and the selling and distribution of products derived from crude.
     
    Petróleo Brasileiro, better known as Petrobras, is exploring a way to boost capacity at the refinery by as much as 100,000 barrels per day. The expansion plans incorporate units that will enable the refinery to process heavier oils, such as Petrobras’ Marlim crude, as well as deliver products that will meet all U.S. regulatory and environmental requirements.
     
    Founded in 1953 as Brazil’s state oil company, Petrobras has 97 production platforms that produced more than 2 million barrels of oil equivalent in 2005. It operates 16 refineries with a capacity of 2.1 million barrels a day.

  • #7533

    Charles Randall
    Participant

    Petrobras has completed its 50% purchase of Pasadena (Astra/previous Crown) Refinery for $360MM. It is a move to place its heavier Marlim crude and also expand it’s downstream presence in US operations. The Texas refinery has a coker that has been producing 128,000 mt/year of 1% Sulfur anode petcoke. If Petrobras brings in the Marlim crude and boost capacity by the 100,000 BPD indicated, then the coker capacity will also need to be expanded and the petcoke will become fuel grade. The conversion to Marlim crude and coker expansion will likely use Petrobras technology.
     
    Pasadena Refining System was acquired from Crown Petroleum in February 2005 and became a subsidiary of Astra Holding Inc (which is a subsidiary of Compagnie National a Portefeuille of Belgium)
    Regards
    Charlie Randall

  • #7122

    Charles Randall
    Participant

    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.
     

  • #7096

    Anonymous

    I’ve been reluctant to intervene because I believe in freedom of speech and open communication in the Coking Community. Unfortunately, you guys have gotten off track.  Way off track.
     
    A lot of people get automatic updates emailed to them for every posting in this forum.  That’s kind of like getting the annual Christmas letter family update from someone you don’t even know.  They should not have to endure this any longer.
     
    1) I am NOT going to start a new category for this.
    2) World Peace would be a good thing, but I don’t see that coming about because of this thread either.
     
    So let’s get back to work.
     
    Could we tackle soething more reachable like solving World Hunger.  🙂
     
    If not, then something we can do something about;  keeping us safe in the Coker or CatCracker.
     
    Thanks
     
    Paul Orlowski
    Administrator
     

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