Chevron Becomes Texas Refiner
Chevron U.S.A. Inc. (CUSA) has completed its $350 million acquisition of Pasadena Refining System, Inc. (PRSI) and PRSI Trading LLC Petrobras America Inc., Chevron Corp. reported Wednesday afternoon.
The transaction gives Chevron its second U.S. Gulf Coast refinery, a 110,000-barrel-per-day facility in Pasadena, Texas. The company also owns a Gulf Coast facility in Pascagoula, Miss. Other refineries in CUSA’s network are located in Salt Lake City, Utah, and El Segundo and Richmond in California.
“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,” Mark Nelson, Chevron’s executive vice president for Downstream & Chemicals, said in a written statement emailed to Rigzone. “We welcome PRSI’s employees into the Chevron family.”
Located on a 466-acre site along the Houston Ship Channel, the Pasadena complex includes a 323-acre refinery, a tank farm capacity of storing 5.1 million barrels of crude oil and refined products and 143 acres of additional land, Chevron stated. In addition, the company noted that the refinery boasts light crude processing capability, direct pipeline connections to increasing industry and equity crude production, links to major product pipelines and dock access to receive and ship crude oil and refined products.
Petrobras had been the sole owner of the Pasadena Refinery since Dec. 2008, according to the company’s website. The company also noted that the facility produces diesel, gasoline and fuel oil.
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Senior Editor | Rigzone