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Petrobras closes oil refinery Nansei Sekiyu sale

Staff Writer | December 29, 2016
Petróleo Brasileiro (Petrobras) closed the sale of 100% of the shares in Nansei Sekiyu (NSS) to Taiyo Oil Company.
Acquisition   $165 million by Taiyo
The operation was completed through the payment of $165 million made by Taiyo, after compliance with all previous conditions set forth in the agreement signed on October 17, 2016. This amount is still subject to final adjustments.

NSS is a company wholly-owned by Petrobras International Braspetro – PIB BV located on the Island of Okinawa, in Japan.

It has a refinery with a processing capacity of 100,000 barrels of oil per day, 36 tanks that store 9.5 million barrels of oil and oil products, three piers for loading and unloading ships and a monobuoy.

Taiyo is a privately-held Japanese company headquartered in Tokyo that imports, exports, refines and sells oil products. It has nine offices/branches including one oil refinery in Japan.

The operation was recorded in the partnerships and divestments program that reached $13.6 billion on the 2015-2016 period.

The sale is aligned with the Petrobras’ Strategic Plan, which aims to optimize the business portfolio.