The Petrobras Board of Directors has approved the sale of 100% of the company’s interest in Nansei Seikyu (NSS). The buyer is the Taiyo Oil Company.

NSS is wholly-owned by Petrobras International Braspetro – PIB BV and located on the Island of Okinawa, Japan. It has a refinery with a processing capacity of 100,000 barrels of oil per day, 36 tanks with storage capacity of 9.5 million barrels of oil and oil products, three piers for loading and unloading ships and a monobuoy. The refinery and monobuoy are currently in hibernation. NSS provides terminal services to around 50% of the Okinawa market.

Taiyo is a privately-held Japanese company headquartered in Tokyo. It imports, exports, refines and sells oil products and has a refinery and eight oil and oil product terminals in Japan. Taiyo also manufactures, processes and sells petrochemical products.

The selling price is USD 129.285 million and will be fully paid up on completion of the transaction, expected in December 2016.

The sale of NSS was subject to a competitive bidding procedure and the transaction price was appraised by three financial institutions, based on two fairness opinions and a valuation report.

This transaction is part of Petrobras’ Divestment Plan and is in line with the company’s Strategic Plan.

Completion of the transaction is subject to the usual preconditions, including the approval of the competent regulatory agencies.

Tags: Petrobras