Chevron USA agrees to acquire Pasadena Refining System for $350 mln

Chevron USA Inc. (CUSA), an energy division of Chevron Corp., has agreed to acquire all the outstanding shares and equity interests in Pasadena Refining System Inc., a unit of oil and gas company Petrobras America Inc.

Under the terms of the deal, Chevron USA will pay approximately $350 million for all outstanding shares and equity interests in Pasadena, including the refinery in Texas and its unit, PRSI Trading LLC.

CUSA said that the acquisition will fuel its refining network, which includes a refinery in Pascagoula, Mississippi, two facilities in California, in El Segundo and Richmond and the Salt Lake refinery in Utah.

The transaction is subject to customary closing conditions, including regulatory approvals.