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Petrobras to sell Pasadena refinery and other assets

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Staff Writer |
Petrobras Pasadena
Oil exploration   Operation Car Wash

Petrobras announced the sale of the Pasadena refinery in the United States. The company will also negotiate its share in Petrobras Oil & Gas B.V., which owns assets in Africa.

The Pasadena refinery was purchased in 2006, and has been under investigation by the Federal Police under Operation Car Wash.

According to Petrobras, the operation will be guided by the company's new partnership and disinvestment plan, which has been amended to comply with a ruling by the Federal Court of Accounts (TCU).

Each asset sale project shall be submitted individually to the company's Executive Board, and, if approved, shall be made public to the market.

Petrobras has announced that each sale will depend on how negotiations evolve, and on obtaining the necessary authorisations. They may be altered as the partnership and disinvestment process moves forward.

"Petrobras would like to clarify that its disinvestment programme is dynamic and may be amended according to market conditions", says a note issued by the company. Petrobras' Strategic Plan expects to raise US$ 21 billion with such partnership and disinvestment actions between 2017/2018.

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