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Petrobras America Inc. (PAI), a subsidiary of Petrobras, today signed with the French company Chevron USA Inc. (Chevron) the purchase and sale agreement relating to the full sale of Shares held in companies that make up the Pasadena refinery system, in the United States
The sale of the refinery is part of the Petrobras divestment program and must be submitted to the valuation agencies regulation
The value of the contract is 562 million US dollars, ie 350 million USD for the value of the shares and 212 million USD for the working capital with a base date of October 2018. "The final value of the "Operation is subject to working capital adjustments until the closing date of the transaction." Petrobras said in a note.
The signing took place after Wednesday 's approval of Petrobras' board of directors and continues with the announcement made at the market on May 4th of last year. The company announced the start of the consolidation phase 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), head of oil processing and derivatives production, and PRSI Trading LLC (PRST), which acts as an exclusive commercial subsidiary of PRSI, both wholly owned by Petrobras America Inc. (PAI)
Capacity
The company reported that PRSI had a processing capacity of 110,000 barrels per day and was 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 French company has four refineries with a combined capacity to process 919,000 bpd in the country.
The Brazilian state company pointed out that "the conclusion of the transaction is contingent on the fulfillment of the usual prerequisites, such as obtaining approvals from the US and Brazilian antitrust agencies".
Negotiations
The sale is part of the Petrobras Partnerships and Divestitures Program, set out in the 2019-2023 Management and Management Plan, which, according to the company, provides for the optimization of its wallet. this market disclosure is consistent with the Petrobras divestment system, which is consistent with the special regime governing the sale of badets by federal stock companies, established by Decree No. 918 / 2017. "
History [19659007] The Pasadena refinery, located in the city of the same name in Texas, was the subject of an investigation conducted by the Joint Parliamentary Investigation Committee (CPMI) of Petrobras in 2014 and by the operation Lava Jato.An audit report of the Office of the Federal Comptroller (CGU), dated December 2014, showed a $ 659.4 million overcharging at the time of purchase of the refinery by the Brazilian state company.According to the report, the amount paid did not take into account the state in which the refinery was located.
The document was sent to Petrobras with instructions for measures to be taken in order to obtain damages $ 659.4 million in interest. The UGT also sent a copy of the report to CPMI Petrobras.
Edition: Fábio Mbadalli
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