Chevron completes purchase of Petrobras’ Pasadena system

Chevron Corp. recently completed a $350 million purchase of a refinery in the Pasadena, Texas, from Brazil’s national oil company, Petrobras.

The Pasadena refinery is the second on the U.S. Gulf Coast for Chevron, which is based in San Ramon, California. Chevron plans for the refinery to process sweet crude coming from its oil fields in the Permian Basin of Texas.

In addition to the refinery, Chevron acquired PRSI, a Petrobras subsidiary that operates the refinery and owns subsidiary PRSI Trading, which trades in crude and refined products markets. PRSI owns a 5.1-million-barrel storage tank farm and an additional 143 acres of land along the Houston Ship Channel.

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