Brazil Petrobras removes Texas refinery from divestment plan

19 March 2013 20:40  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Brazil’s state-run energy company Petrobras has dropped the Pasadena Refining System Inc (PRSI) in Texas from a planned $9.9bn (€7.6bn) sale of assets, Petrobras CEO Maria das Gracas Foster told reporters on Tuesday.

“Pasadena is no longer part of the divestment plan,” Gracas said. The CEO declined to comment further on why the decision was taken.

The announcement follows claims of possible irregularities in Petrobras’s purchase of PRSI from Belgium group Transcor Astor.

Allegations of overpayment and mismanagement are currently being investigated by Brazil's federal accountability office (TCU).

The PRSI has a processing capacity of just over 100,000 bbl/day.

Earlier, Petrobras unveiled its 2013-2017 business plan, projecting investments totalling $236.7bn, almost flat compared with the previous 2012-2016 plan totalling $236.5bn.

The new plan, approved by Petrobras directors on Friday, has $147.5bn earmarked for exploration and production (E&P), $64.8bn for refining, transportation and distribution and $9.9bn for the natural gas and energy segments.

Crude output is expected to increase from the current 2m bbl/day to 2.75m bbl/day by 2017 and 4.2m bbl/day by 2020, Petrobras said.

($1 = €0.77)

By: Simon West

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