Analysis

Petrobras to shed Pasadena refinery

Petrobras has added the proposed sale of subsidiary Pasadena Refining Systems Inc.’s (PRSI) 100Kbd Pasadena refinery in Texas.

Without disclosing further details regarding the decision to add the Pasadena refinery to its list of disposable assets, Petrobras did confirm the sale aligns with its 2017-21 strategic plan, which aims to reduce the company’s operational risk and improve its overall financial performance via an expansion of partnership and divestment opportunities.

The newly approved partnership and divestment portfolio now seeks to raise USD21Bn in 2017-18.