Chevron U.S.A. Inc., a wholly owned subsidiary of Chevron Corp., has announced that it has completed the acquisition from Petrobras America Inc. of all the outstanding shares and equity interests of Pasadena Refining System, Inc. (PRSI) and PRSI Trading LLC for US$350 million, excluding working capital.
PRSI’s 466 acre complex in Pasadena, Texas, adds a second refinery to Chevron’s Gulf Coast downstream business, which also includes a refinery in Pascagoula, Mississippi.
“This acquisition builds on the strength of our existing Gulf Coast business, enabling us to supply more of our retail market in the region with Chevron-produced products, and positions us for connectivity to our strong upstream assets in the Permian Basin,” said Mark Nelson, Chevron’s Executive Vice President for Downstream & Chemicals. “We welcome PRSI’s employees into the Chevron family.”
The Pasadena refinery has the capacity to process approximately 110 000 bpd of light crude, direct pipeline connections to increasing industry and equity crude oil production, connections to major product pipelines, and dock access to receive and ship crude oil and refined products. It comprises a 323 acre refinery, including a tank farm with a storage capacity of 5.1 million bbls of crude oil and refined products, as well as 143 acres of additional land.