EduBourseActualitésArbitrage chamber sets the put option price for the Pasadena Refinery

Arbitrage chamber sets the put option price for the Pasadena Refinery

The decision handed down in an arbitral process – carried out pursuant to the rules set forth by the International Centre for Dispute Resolution – set the amount of $466 million, to be paid by Petrobras America (a wholly-owned Petrobras subsidiary) to Transcor Astra Group (Astra) as a result of the latter having exercised its put option for 50% of its interests in Pasadena Refining System Inc (PRSI) and in the PRSI Trading Company.

The amount will be paid in three installments. The first one, due on April 27 2009, will be for $296 million. The two subsequent ones, for $85 million each, are due in September 2009 and September 2010.

Petrobras, by means of Petrobras America and its affiliates, will now hold 100% of PRSI, which controls the Pasadena refinery, in Texas, and of PRSI Trading, a company incorporated to purchase feedstock, including crude oil for processing, and to market the refinery’s derivatives production.

Petrobras, via its attorneys and consultants, is analyzing the arbitral decision.

Pierre Perrin-Monlouis
Pierre Perrin-Monlouis
Fondateur de Rente et Patrimoine (cabinet de gestion de patrimoine), Pierre Perrin-Monlouis est un analyste et trader pour compte propre. Il vous fait profiter de son expérience en trading grâce à ses analyses financières et décrypte pour vous les actualités des marchés. Son approche globale des marchés combine à la fois l'analyse technique et l'analyse fondamentale sur l'ensemble des marchés : crypto, forex, actions et matières premières.
ARTICLES SIMILAIRES
1200
1200