The Brazilian state-controlled oil company Petrobras is looking to sell its Pasadena facility.
The sale price is reportedly less than $200 million. The purchase price was $1.2 billion, paid in two installments in 2006 and 2012. The high purchase price spurred an investigation by federal prosecutors under the suspicion that bribes were included as part of the cost. Petrobras is also under investigation for corruption.
Earlier this year, environmental groups sued the company for Clean Air Act violations from the Pasadena refinery.
Environmental liabilities may be one reason behind the refinery’s low valuation.
Petrobras is presently attempting to divest billions of dollars in assets to cut debt.
Source: Reuters, “Petrobras looks to sell Texas Refinery for $200 million: Bloomberg,” May 9, 2017.