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Petrobras mulls buying refinery in U.S., Japan

RIO DE JANEIRO
WASHINGTON
Petroleumworld.com 09 14 07

Brazil's state oil company Petrobras remains in negotiations for a possible purchase of a refinery in Okinawa, Japan, and is also mulling a a new acquisition in the United States, a company executive said on Monday.

Petroleo Brasileiro SA (PETR4.SA: Quote, Profile, Research)(PBR.N: Quote, Profile, Research) foreign operations director Nestor Cervero told reporters that the largest amount of the company's overseas investment plans from 2008 to 2012 -- about 32 percent -- would go to the United States. Part of that will be spent to double capacity at its Pasadena refinery in Texas.

In addition, he said, "Petrobras is examining possibilities for buying another business" in the United States.

As for Japan, Petrobras has been negotiating to buy the Nansei refinery in the remote southern Japanese island. The refinery, with a 100,000 bpd capacity, is run by Exxon Mobil Corp.'s (XOM.N: Quote, Profile, Research) local venture.

Cervero said talks were continuing but declined to speculate if and when a deal might be sealed.

Petrobras has long been looking to buy refining assets in Europe, Asia and the United States to process some of the oil it produces abroad.

Cervero ruled out another long-rumored potential acquisition of a refinery in Rotterdam in the Netherlands.

Last September, Petrobras, which has 12 refineries in Brazil and plans another two, completed the $360 million purchase of a 50 percent stake in the Pasadena refinery. It plans to double the refinery's capacity to 200,000 bpd by 2010.

 

Reuters 13 09 07

Copyright© 2007 Reuters. All rights reserved.

 

 

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