Petrobras seeking Aruba refinery ownership from Valero

April 15, 2008
Brazil's Petrobras plans to resume negotiations this month with Valero Energy for the acquisition of the San Antonio-based company's 275,000 b/d Aruba refinery.

Eric Watkins
Senior Correspondent

LOS ANGELES, Apr. 15 -- Brazil's state-owned Petroleo Brasileiro SA (Petrobras) plans to resume negotiations this month with Valero Energy Corp. for the acquisition of the San Antonio-based company's 275,000 b/d Aruba refinery.

Petrobras said a January fire at the refinery damaged the facility's vacuum distillation unit, which is being repaired.

Recently Petrobras has been expanding its refinery network either through expansion or acquisition. It recently bought a refinery in Okinawa, Japan, and is expanding its refinery in Pasadena, Tex.

In addition, it has bid on ExxonMobil Corp.'s Esso-brand network of retail outlets in Brazil, and plans to start negotiations to buy the Esso networks in Chile and Uruguay.

Contact Eric Watkins at [email protected].