Petrobras to sell Texas refinery

USA

SAO PAULO, February 7, 2018 – Brazil’s Petrobras is to sell its Pasadena, Texas, refinery amid a series of corruption scandals, international media reported on Wednesday.

A Brazilian audit court has said that the purchase of the refinery, which started in 2006 when Petrobras acquired a 50% stake in it for USD 360 million, has over time resulted in losses of about USD 580 million for the NOC, Reuters reported.

The 110,000-bpd Pasadena refinery was also a major target of Brazilian authorities in the Car Wash investigation.

No price tag for the planned sale has been mentioned.

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