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• Pasadena_Refining_System abstract "Pasadena Refining System, Inc. (PRSI) is a refinery company. The company has its headquarters in Pasadena, Texas, United States. As of 2008 it is a 50-50 partnership between Petrobras and Astra Holding USA, the USA subsidiary of NPM/CNP, and it is Petrobras's only American oil holding.HistoryIn August 2000 , a report of Golnoy Barge Company, which owned 14% stake in Pasadena refinery , the other minority shareholders speaks of concern to small shareholders to the management of Henry Rosenberg , and their two children , ahead of the refinery . They were worried about a financial transaction that Rosenberg had started to enlarge its stake in the refinery and increase its control over her.The end of the 90 had been very difficult for business Refinery . In 1998 , the Crown Center ( former name of the Pasadena refinery ) had recorded heavy losses , and still faced many labor processes .According to an article published in the Daily Oil , the market suspected that Henry Rosenberg was preparing to sell the company . Until there is nothing else, the company was his and he could sell anytime. It turns out that no one trusted in Rosenberg , nor the small shareholders , much less the unions .The article informs that the refinery Crown reported a loss of 829.4 million dollars in 1998 . According to the report , part of this loss was due to the boycott unions were doing to the company . It was a grassroots campaign . Nobody wanted to buy gasoline sold at stations of the Crown . The company , in turn , attributed the loss to the market situation , and remember that all companies were embittered prejudice that year , which was true .Pasadena 's case , however, was more alarming because Rosenberg , owner of the company , was facing a serious problem of credit history . And was unable to renegotiate it with banks .In August 2000 document , the Golnoy Barge Company, we are told that the refinery market rebounded strongly from the beginning of the new decade . Net sales ( EBITDALL ) the Crown in the first six months of 2000 totaled $66.6 million . Net income in the first half of 2000 was $5.6 million, compared to a loss of $22 million in the same period of 1999.Document Golnoy , small refinery partners , give two fundamental information to understand the price paid by Astra in 2005 .The Crown had promissory with its shareholders whereby " anyone who wanted to purchase the Central Crown in 2000 , should be prepared to refinance the debt of $125 million ." In 2003 , this debt had risen to $200 million . second document of its own members the Crown .The other important information is about the value of inventory of Crown in 2000 . Members felt that these could be $83 million higher than the officially reported by the company . The refinery had a capacity to store more than 6 million barrels , so the value of these stocks could even exceed $1 billion . The sheer volatility of oil prices and its derivatives , becomes strategic to a refinery , have a good inventory capacity to sort the sales offer and avoid inappropriate time .In 2004 Astra joins the Crown ( Pasadena ) by buying their stocks of oil and its derivatives , the acquisition of control of the refinery for U.S. $42.5 million and assuming the millionaire debt , mobilized $300 million , bought stocks, and even made investments of nearly $100 million to modernize the refinery . [ 1 ]In November 2005, Petrobras signed an MoU with Astra Oil Company ( " Astra " ) with the goal of establishing a joint operation of refining and marketing in the U.S. . [ 2 ] In September 2006 , the Company completed the acquisition through its subsidiary Petrobras America Inc. (PAI ) . The total amount paid of $360 million includes $190 million for 50% of the shares and still $170 million for the refinery stocks .Disagreements among the partners led to Astra requesting the right to sell its remaining 50% to Petrobras . The right of Astra Oil sell its stake to Petrobras only existed because the Brazilian state had the right to final say about the direction and future investments in the refinery . If the Astra did not agree , would have the option to sell and Petrobras , which as we have seen had the interest to stay ahead of the business, would have the option to buy .Thus , arbitration award in April 2009 this right was confirmed and fixed the value of $296 million for the second half of the refinery , plus $170 million for its share of the stock , totaling U.S. $466 million . [ 3 ]To this amount were increased further U.S. $173 million , as given , corresponding to a refund of part of a bank guarantee by partners , interest , fees and court costs award. With this, the whole object of the decision reached U.S. $639 million recorded in Note 11.4 to the Quarterly Information - ITR of the third quarter of 2009 , released to the market on 13/11/2009 .On March 10, 2010 , the Federal Court in Houston, Texas, USA, confirmed the Arbitral Award rendered in April 2009 , which found that the PAI would be the holder of the Pasadena refinery and the related trading company ( Trading Company ) [4].Finally , in June 2012 , an extrajudicial agreement that provides for the termination of all disputes - arbitration and other lawsuits - plus interest and applicable legal costs totaled $820 million . Part of this amount , $750 million had already been accrued for payment in the financial statements of Petrobras , leaving the additional provision of $70 million to be recognized in the income statement in the second quarter of 2012 . [ 5 ]Petrobras acquired not only the Pasadena refinery . She also bought the Astra Trading, which was the commercial arm of refinery assembled by Astra when assumed . This trading had received $300 million from Astra . It is not clear if that value already embeds stocks . And no one knows exactly the debt inherited by Astra when he took control of the refinery.In april 16, 2014, Petrobras CEO, Ms. Graça Foster, admitted that the purchase of the Pasadena refinery in 2006, "was not a good deal".".
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• Pasadena_Refining_System subject Category:Companies_based_in_Texas.
• Pasadena_Refining_System subject Category:Pasadena,_Texas.
• Pasadena_Refining_System subject Category:Petrobras.
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• Pasadena_Refining_System comment "Pasadena Refining System, Inc. (PRSI) is a refinery company. The company has its headquarters in Pasadena, Texas, United States.".
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