Brazil's Petrobras Starts Binding Phase Of Pasadena Refinery Sale
SAO PAULO, May 4 (Reuters) - Brazilian state-run oil company Petroleo Brasileiro SA is starting the binding phase of the sale of its Pasadena, Texas-based refinery, the company said in a securities filing on Friday.
Qualified parties will now receive invitations with detailed instructions regarding the sale process, including the due diligence process, the company said.
Petrobras announced plans to sell the refinery, which it holds through subsidiary Petrobras America Inc, in February. The installation, which processes 110,000 barrels of oil per day, has been ensnared in several high-level corruption investigations in Brazil.
(Reporting by Gram Slattery Editing by Chizu Nomiyama)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Oil May Bring 400,000 Jobs and $258B in Investments to Brazil (Jan 17)
- Petrobras Sells Rights in 37 Oilfields for $823MM (Nov 28)
- Brazil Subsea Pipeline Project Goes to McDermott (Nov 21)