Chevron to Purchase Pasadena Refinery System for $350 Million

Noria news wires

Chevron recently announced that it has signed an agreement with Petrobras to acquire all outstanding shares and interests of the Pasadena Refining System, which includes the Texas refinery and PRSI Trading, for $350 million.

"This expansion of our Gulf Coast refining system enables Chevron to process more domestic light crude, supply a portion of our retail market in Texas and Louisiana with Chevron-produced products, and realize synergies through coordination with our refinery in Pascagoula," said Pierre Breber, executive vice president of Chevron Downstream and Chemicals.

Assets include a refinery with a capacity to process approximately 110,000 barrels per day of light crude, direct pipeline connections to increasing industry and equity crude oil production, connections to major product pipelines as well as waterborne access to receive and ship crude oil and refined products.

The 466-acre complex in Pasadena, Texas, includes a 323-acre refinery with a tank farm for the storage of 5.1 million barrels of crude oil and refined products, as well as 143 acres of additional land.

The acquisition will add to Chevron’s refining network, which includes a refinery in Pascagoula, Mississippi, two facilities in California and the Salt Lake refinery in Utah. The acquisition is subject to customary closing conditions, including regulatory approvals.

For more information, visit www.chevron.com.

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