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Brazil’s Petrobras Starts Binding Phase of Pasadena Refinery Sale

Brazil’s Petrobras Starts Binding Phase of Pasadena Refinery Sale
Brazilian state-run oil company Petroleo Brasileiro SA is starting the binding phase of the sale of its Pasadena, Texas-based refinery, the company said in a securities filing on Friday.

Qualified parties will now receive invitations with detailed instructions regarding the sale process, including the due diligence process, the company said.

Petrobras announced plans to sell the refinery, which it holds through subsidiary Petrobras America Inc, in February. The installation, which processes 110,000 barrels of oil per day, has been ensnared in several high-level corruption investigations in Brazil.

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