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LatinNews Regional Monitor: Brazil & Southern Cone - 31 January 2019

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In brief: Brazil

* Brazil’s state-owned oil firm Petrobras has announced that it has agreed upon the sale of its Pasadena refinery in Texas to US oil giant Chevron for US$562m. The sale of the Pasadena refinery, which has a processing capacity of 110,000 barrels per day (bpd), is part of Petrobras’ 2019-2023 divestment programme. However, the agreed value of the sale is well below the US$1.2bn that the Brazilian government reportedly paid to purchase the refinery in whole in 2012. The Pasadena refinery has been embroiled in scandal after it was investigated as part of the ‘Lava Jato’ corruption probe, and in 2017 Brazil’s federal public prosecutor (MPF) denounced the purchase of the Pasadena refinery by Petrobras as being part of a complex web of money laundering operations.