Cade approves sale of Pasadena Refinery


Cade has approved Chevron’s acquisition of the Pasadena Refinery, a deal announced by Petrobras at the end of January. The operation is valued at US $ 562 million, of which US $ 350 million is worth of shares and US $ 212 million of working capital with a base date of October 2018.

The sale is part of the Petrobras Partnership and Divestment Program, foreseen in the Business and Management Plan 2019-2023, which, according to the company, provides for the optimization of the company’s portfolio.

The Pasadena refinery was investigated by the Joint Parliamentary Committee of Inquiry (CPMI) of Petrobras in 2014 and Operation Lava Jato. A report from the audit of the Federal Comptroller’s Office (CGU), dated December 2014, pointed to an over-invoicing of US $ 659.4 million in the refinery’s purchase by the Brazilian state-owned company. According to the report, the over-invoicing amount paid did not take into account the state in which the refinery was at the date of sale.


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