Brazil In Talks to Buy Texas Oil Refinery

Petrobras – Brazilian Petroleum, S.A. – wants to close a deal with the US company, Astra Oil, to buy part of a refinery in Texas by the end of this year.

This intention was announced by the Brazilian State enterprise’s executive manager of Refining and Supply, Alan Kardec.

According to Kardec, by processing part of Brazil’s heavy petroleum in the United States, the company would be able to aggregate value to its product and gain direct access to what is regarded as the world’s largest and most competitive market.

"It represents the purchase of a large asset, an important refinery, but there are still some issues to be resolved," he said.

One of the chief items that remains to be settled, according to Kardec, is that Astra wants to sell only 50%, while Petrobras wants a larger share, giving it greater control over the unit’s management. "We desire a more adequate management role," Kardec affirmed.

According to the Petrobras executive, the Pasadena Refining System will have the capacity to refine up to 100 thousand barrels daily.

Petrobras announced its negotiations with the Astra Oil Group last November, when a memorandum of understanding was signed.

In line with what Petrobras will require, the refinery is being refurbished to comply with the environmental standards fixed by the EPA (the US Environmental Protection Agency) for gasoline and diesel oil, as well large-scale processing of heavy oil with a high lead content.

Agência Brasil

Tags:

You May Also Like

Brazilian Stocks Mirrors US Market and Fall

Latin American stocks were mixed, with Brazilian stocks dipping, in line with the U.S. ...

Brazil Survives Another Carnaval

While most Brazilians were already back to work throughout the country, 600 thousand baianos ...

Brazil: Paraní¡ Port Makes Life Easier for Exporters and Grows

The cargo throughput in the ports of Paranaguá and Antonina (in the southern Brazilian ...

Idiocy Test

Maria Clara Machados’s work will not end with her passing. Maria Clara Mourthé, 42, ...

If Brazil’s Bankrupt Varig Is Sold 7,500 Workers Would be Fired and 40 Planes Retired

Luiz Roberto Ayoub, the judge who presides in the Rio de Janeiro business court ...

Brazil Arrests 32 for Environmental Crimes, 25 Are State Employees

Brazil has unleashed today, August 30, a police operation called Euterpe to catch people ...

Brazil’s Cabinet Reshuffle Is Just Politics, Explains Minister

Minister Nilmário Miranda, of Brazil’s Special Secretariat of Human Rights, affirmed today that the ...

Brazilian Industry Gets 16% Boost Thanks to Exports and Domestic Market

According to figures disclosed by the Brazilian Institute of Geography and Statistics (IBGE), boosted ...

Arab Summit: Now in Brazil, Next in Morocco

The Brazilian Minister of Foreign Relations, Celso Amorim, announced that the next meeting of ...