Petrobras takes steps to sell Pasadena refinery

Brazil's state-run oil giant Petrobras announced the beginning of the sale process of the Pasadena refinery, in Texas, through its US subsidiary Petrobras America Inc (PAI).

Also offered for sale is the facility's entire refining system, capable of processing a daily 110 thousand barrels of oil and storing 5.1 million barrels of oil and derivatives. A maritime terminal, oil storage units, and acres of land by the sea inlet leading to Houston, Texas, where the facility is located, have also been put on the market.

The transaction is said to be part of PAI's divestment plan for Pasadena Refining System Inc, PRSI Trading LLC, and PRSI Real Property Holdings LLC.

A teaser is available on Petrobras's website with information on the bidding process and the criteria for prospective buyers.

The move is reported to come in line with the company's divestment program and the guidelines provided by the country's audit court.

Translated by Fabrício Ferreira