Petrobras has announced that concluded the sale of its 100% stake in Nansei Sekiyu (NSS) to the Taiyo Oil Company.

The transaction was done by Taiyo paying USD 165 million, after complying with all previous conditions set forth in the agreement as 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.

Nansei was sold through a bidding process, and the transaction price was assessed by three financial institutions and through two independent fairness opinions and a valuation report.

The transaction was recorded in the partnership and divestment program reaching USD 13.6 billion during 2015-2016. The sale is in line with the Petrobras Strategic Plan, which aims to optimise its business portfolio.

Tags: Nansei Sekiyu (NSS), Petrobras, Taiyo Oil Company