Petrobras plans to sell US refinery in Texas − report

28 November 2012 23:21  [Source: ICIS news]

HOUSTON (ICIS)--Brazil’s Petrobras declined to comment on Wednesday about a report saying it planned to sell its US refinery in Pasadena, Texas.

“At this moment, we really don’t have this confirmation,” said Tarciscio Valente Lima, a spokeswoman with the state oil producer.

The Wall Street Journal reported that Petrobras enlisted Citigroup to sell its 100,000 bbl/day refinery in the Houston area to help fund domestic offshore drilling.

Citigroup also declined to comment.

Earlier in February, Petrobras said it was considering a $13.5bn (€10.4bn) divestment programme that would include refining assets outside of Brazil, as well as both domestic and international assets in exploration and production (E&P).

The company took full control of the Pasadena refinery in July after buying the remaining 50% stake from Belgium group Transcor Astra. Petrobras ended a legal dispute with its partner and paid $820m in the agreement

A few days later, Petrobras confirmed it planned to sell its foreign refineries, although it did not specify which ones. Brazilian publication Valor said Valero and LyondellBasell were interested in buying the Texas complex.

In Brazil, Petrobras is constructing a 600,000 bbl/day refinery in Bacabeira, Maranhao, as well as a 300,000 bbl/day refinery in Caucaia, Ceara. The Premium I refinery project will be completed by 2018, and expected start-up for the Premium II refinery should be in the end-2017 or early 2018.

Petrobras is also building two refineries at the Complexo Petroquimico do Rio de Janeiro (Comperj). If built, the first 165,000 bbl/day refining train would begin operating in 2015, and a 300,000 bbl/day train should begin operating by 2018.

($1 = €0.77)

By: Tracy Dang
+1 713 525 2653

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