Chevron Completes Acquisition of Pasadena Refining System, Inc.
SAN RAMON, Calif., May 1, 2019 – Chevron U.S.A. Inc. (CUSA), a wholly owned subsidiary of Chevron Corporation (NYSE: CVX), today 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 $350 million, excluding working capital.
PRSI’s 466-acre complex in Pasadena, Texas, adds a second refinery to CUSA’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 barrels per day 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 barrels of crude oil and refined products, as well as 143 acres of additional land.
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Published: May 2019