Rogerio Jelmayer – The Wall Street Journal, 07/02/2012
SAO PAULO–Brazil’s government-run oil company, Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, will pay a total of $820.5 million to acquire a 50% stake that it doesn’t already owned, assuming full control of Pasadena Refining Systems Inc and ending a legal dispute with a former partner, the company said over the weekend in a statement.
Petrobras, which acquired a 50% stake in Pasaneda refinery in 2006 for $360 million, said it reached an agreement to buy the remaining stake from Belgium group Transcor Astra.
“Petrobras executed an agreement to end all existing lawsuits between the companies in the Petrobras System and the Belgian group Transcor Astra, controller of Astra Oil Trading. The lawsuits stemmed from the partnership period between Astra and Petrobras America Inc. (PAI), a subsidiary of Petrobras, in the Pasadena Refining System, Inc., owner of the Pasadena Refinery in Texas and the Trading Company,” Petrobras said.