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Petrobras begins binding phase for sake of Pasadena refinery

Petrobras has started the binding phase of its proposal to sell the 110Kbd (5.5Mta) Pasadena refinery in Texas. The transaction includes a 5.1MnBblsl of oil and products storage capacity, a marine terminal and logistics system, existing inventory and land on the Houston Ship Channel usable for potential future expansion.

The proposed sale follows a comprehensive analysis that the Pasadena system does not align with Petrobras’s strategic focus but may have higher value for the right investor.