02-07-2012
Petrobras signs agreement on Pasadena Refinery
Petrobras executed an agreement today to end all existing lawsuits between the companies in the Petrobras System and the Belgian group Transcor/Astra, controller of Astra Oil Trading NV (Astra). The lawsuits stemmed from the partnership period between Astra and Petrobras America Inc. (PAI), a subsidiary of Petrobras, in the Pasadena Refining System, Inc. (PRSI), owner of the Pasadena Refinery in Texas and the Trading Company.
The agreement also ends the ongoing legal issue regarding the arbitration process that had recognized Astra’s put option for PAI’s ownership interest (50%) of PRSI and the Trading Company.
PAI will pay the put option value, set by a report dated April 10, 2009, issued during the arbitration process mentioned above, plus interest and other legal expenses, totaling US$ 820.5 million. This amount had already been provisioned for payment, almost in full, in Petrobras’ financial statements, with the remaining amount of approximately US$ 70 million to be included in the company’s results for the second quarter of 2012.
With this agreement, the parties give each other full and general release regarding all the lawsuits, one of which confirms the amount of the shares set by the arbitration report mentioned above, therefore confirming PAI’s 100% control of PRSI and the Trading Company.
News Category:
-
Beyond processbook & PI vision: Exploring today’s industrial analytics tools
(Webinar) - In the Manufacturing 4.0 era, industrial organizations have more data at their fingertips than ever, offering the promise of higher production rates, more ...
04-06-2024
-
Worley awarded Bayou Bend CCS carbon capture and storage facility contract
We’ve been selected to design and evaluate CO2 gathering, handling and sequestration facilities located along the Gulf Coast in Southeast Texas. Bayou Bend ...
13-05-2024
-
Black & Veatch delivers feasibility study for Andes Energy LNG Terminal
Global liquefied natural gas (LNG) infrastructure solutions leader Black & Veatch has completed a feasibility study for the planned Andes Energy Terminal, LNG regasification ...
09-05-2024
-
Shell to sell interest in Singapore Energy and Chemicals Park to CAPGC
Shell Singapore Pte Ltd, a subsidiary of Shell plc, has reached an agreement to sell its Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd., a joint venture company ...
08-05-2024
-
Integrated Global Services recognized for role in mega turnaround
Integrated Global Services has been recognized as a major contributor to the successful Ras Tanura Refinery 2024 Mega Turnaround and Inspection for Saudi Arabian Energy ...
08-05-2024
-
BASF invests in capacity expansion of Basoflux® range of paraffin inhibitors
BASF plans to expand the global production capacity of its Basoflux® range of paraffin inhibitors at its site in Tarragona, Spain. This investment will enable BASF’s ...
07-05-2024
-
Ebara Elliott Energy to provide compressor for SAF project in Thailand
Ebara Elliott Energy, formerly Elliott Group, announces it has been contracted to provide a motor-driven recycle compressor with a variable frequency drive (VFD) for ...
07-05-2024
-
ETH Zurich select hte to provide high throughput test system designed for CO2 electroreduction
hte – the high throughput experimentation company was awarded a contract by the technical university ETH Zurich to provide a high throughput test system designed for ...
07-05-2024
-
TotalEnergies and Sinopec strengthen cooperation
On the occasion of the state visit to France by the President of the People's Republic of China, TotalEnergies, represented by Patrick Pouyanné, Chairman and CEO, and ...
07-05-2024
-
IPP enters agreement to market ammonia, methanol and melamine plants in Ludwigshafen
BASF and International Process Plants (IPP), a global leader in the acquisition and sale of process plants and equipment, have entered an agreement to market ammonia, ...
06-05-2024