California-headquartered Chevron USA (CUSA), a wholly owned subsidiary of Chevron Corporation and the US’s second-largest integrated energy company has completed the acquisition of Pasadena Refining System, Inc (PRSI) and PRSI Trading LLC from Petrobras America for US$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.
Mark Nelson, Chevron’s Executive Vice President for Downstream & Chemicals, commented that the acquisition builds on the strength of Chevron’s existing Gulf Coast business, enabling it to supply more of its retail market in the region with Chevron-produced products.
The Pasadena refinery has the capacity to process approximately 110,000 barrels/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.
The acquisition will add to the refining network of CUSA, which includes a refinery in Pascagoula, Miss., two facilities in California, in El Segundo and Richmond, and the Salt Lake refinery in Utah.