Petrobras Takes All of Texas Refinery

Petrobras has agreed to pay $820.5m to acquire the 50% that it doesn’t already own in Pasadena Refining Systems, it says, ending a prolonged legal dispute with former partner Transcor Astra over the US asset. In the deal, Petrobras pays Belgium’s Astra, controller of Astra Oil Trading, the value of a put option set in 2009. The option was the subject of a lengthy arbitration process between the two parties, which has now been resolved with the agreement. Petrobras acquired its original 50% stake in the Pasadena, Texas-based refinery in 2006 for $360m.