Chevron completes the purchase of the Houston-area refinery from Brazil's Petrobras



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PHOTO FILE: A photo of the Chevron Gas Station is seen in Del Mar, California, on this April 25, 2013 archive photo. REUTERS / Mike Blake

HOUSTON (Reuters) – Chevron Corp. has finalized the purchase of a refinery from the Brazilian national oil company Petrobras in Houston's suburbs of Pasadena, Texas, Chevron said in a statement.

The sale was agreed in January, but Chevron put on hold the transfer of the plant's capacity of 112,229 barrels a day on April 2, indicating to Petrobras that it had to prove that the refinery would work as promised, told Reuters.

The Pasadena refinery is the second on the US Gulf Coast for Chevron, based in San Ramon, California.

Chevron wanted a refinery to process crude oil from its oil fields in the Permian basin of Texas.

"This acquisition builds on the strength of our existing Gulf Coast operations, allowing us to provide more Chevron products in our retail market in the region, and positions us for the connectivity of our badets in the region." upstream in the Permian Basin, "said Mark Nelson, Chevron's Executive Vice President for Chemicals and Chevron Downstream.

In addition to the refinery, Chevron acquired PRSI, a subsidiary of Petrobras that operates and owns its subsidiary PRSI Trading, which trades in crude and refined products markets. PRSI owns 5.1 million barrels of stockpile and 143 hectares of additional land along the Houston Ship Channel.

Chevron also operates a 352,000 bpd refinery in Pascagoula, Mississippi.

Report by Erwin Seba; Edited by Lisa Shumaker

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