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Brazil's Petrobras says bought Pasadena refinery to maximize returns
April 15, 2014 / 2:20 PM / 4 years ago

Brazil's Petrobras says bought Pasadena refinery to maximize returns

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 Graças 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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