Transcor And Petrobras Fight Over Texas Refinery

Law360, New York (July 3, 2008, 12:00 AM EDT) -- Belgian oil trading and refining company Transcor Astra Group SA and Brazilain oil company Petrobras are fighting over an oil refinery in Pasadena, Texas.

Transcor Astra Group, a subsidiary of NPM/CNP, sued Petroleo Brasileiro SA-Petrobras on Tuesday in the U.S. District Court for the Southern District of Texas.

The suit alleges that Petrobras breached its obligations under a purchase agreement and caused Transcor damages amounting to over $787 million.

In January 2005, a subsidiary of Transcor purchased a 100% interest in the Pasadena refinery from Crown...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.