Brazil’s Petrobras takes full control of US refinery

02 July 2012 18:05  [Source: ICIS news]

CAMPINAS, Brazil (ICIS)--Brazil state-run oil Petrobras said on Monday it will take the full control of a US refinery in Texas after buying a 50% stake from Belgium group Transcor Astra.

Under the deal, Petrobras said it would pay $820m (€648m) assume the full control of the Pasadena refinery.

The company said it ended a legal dispute with Belgium group Transcor Astra.

"The lawsuits stemmed from the partnership period between Astra and Petrobras America Inc. [PAI], a subsidiary of Petrobras, in the Pasadena Refining System, Inc., owner of the Pasadena Refinery in Texas and the Trading Company", it said in a statement.

"The agreement also ends the ongoing legal issue regarding the arbitration process that had recognised Astra's put option for PAI's ownership interest (50%) of PRSI and the Trading Company," it said.

The refinery processes 100,000 bbl/day.

($1= €0.79)

By: Leo Siqueira
+1 713 525 2600

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