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The value of the contract is $ 562 million, including $ 350 million in shares and $ 212 million in working capital
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The signing took place after approval of Petrobras' Board of Directors (Pilar Olivares / Reuters) on Wednesday [Brésil]
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Jan 30, 2019, 11:22 pm – Posted Jan. 30, 2019, Petrobras America Inc. (PAI), a subsidiary of Petrobras, has signed (30) today with the company Chevron USA Inc. (Chevron),
The sale of the refinery is part of the Petrobras divestiture program and is to be submitted to the regulatory agencies for evaluation.
The sale of the refinery is part of that of Petrobras. 19659007] The value of the contract is 562 million USD, including 350 million USD in market value and 212 million USD in working capital in October 2018. "The final value of the transaction is subject to working capital adjustments Petrobras said in a note that the signing took place on Wednesday after approval by Petrobras' board of directors and continued the announcement made to the market on May 4 of last year.The company announced the start of the phase of consolidation related to the sale of shares held by its subsidiary Petrobras America Inc (PAI) in the companies that were part of the Pasadena refining system in the United States
According to Petrobras, (PRSI), responsible for the processing of oil and Derivative production, and PRSI Trading LLC (PRST), which acts as an exclusive commercial subsidiary of PRSI, both wholly owned by Petrobras America Inc. (PAI).
Capacity
Company indicates that PRSI has a processing capacity of 110,000 barrels per day and is located in the city of Pasadena, in the Gulf of Mexico (Texas). "It is an independent refinery of the Petrobras system that can operate with light and medium oil flows and produces derivatives that are generally marketed in the US domestic market."
According to Petrobras, Chevron USA Inc. is a member of Chevron Corporation, the second largest integrated energy company in the United States. Its products are sold in nearly 8,000 Chevron and Texaco service stations and is also a major aviation fuel supplier. The Brazilian company has four refineries with a combined processing capacity of 919,000 barrels a day in the country.
The Brazilian state-owned company pointed out that "the conclusion of the transaction is conditional upon the fulfillment of the usual prerequisites, such as obtaining the approval of the United States and Brazil." [19659012] Negotiations
The sale is part of the Petrobras Partnership and Divestiture Program, set out in the 2019-2023 Management and Management Plan, which provides, according to the company, for optimizing the portfolio of "
] "This information is consistent with the Petrobras divestment scheme, which complies with the special regime governing the divestment of badets by federal joint stock companies, established by Decree 9.188 / 2017", states the note
History
The Pasadena refinery, located in the city of the same name in Texas (United States), was the subject of an investigation at the Comi Joint Parliamentary Investigation Committee (CPMI) of P etrobras in 2014 and Lava Jato operation. An audit report from the Office of the Federal Comptroller (CGU), dated December 2014, showed an overbilling of US $ 659.4 million when the refinery was purchased by the company. Brazilian state. According to the report, the amount paid did not take into account the state of the refinery.
The document was sent to Petrobras with instructions for action to be taken to recover $ 659.4 in damages. millions. The UGT also sent a copy of the report to Petrobras CPMI
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