Brazil's Petrobras says bought Pasadena refinery to maximize returns

RIO DE JANEIRO, April 15 Tue Apr 15, 2014 10:15am EDT

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RIO DE JANEIRO, April 15 (Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA purchased a refinery in Pasadena, Texas, to maximize returns on heavy Brazilian oil in the U.S. Market, CEO Maria das Gra├žas Foster told Brazil's Congress on Tuesday.

Opponents of President Dilma Rousseff's are pushing colleagues to open a formal investigation into the $1.2 billion purchase, which they say was made for 20 times the true value of the 100,000-barrel-per-day (bpd) refinery. (Reporting by Jeb Blount; Additional reporting by Anthony Boadle in Brasilia; Writing by Caroline Stauffer)

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