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Petrobras to sell Okinawa refinery

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Hydrocarbon Engineering,

Petrobras has announced its Board of Directors has approved the sale of 100% of the shares of Nansei Seikyu (NSS) to the Taiyo Oil Company.

Nansei Seikyu (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 bpd, 36 tanks that store 9.5 million bbls of oil and oil products, three piers for loading and unloading ships and a monobuoy. The refinery and the monobuoy are currently under hibernation. NSS provides terminal services that serve around 50% of Okinawa’s market.

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 company also manufactures, processes and sells petrochemical products.

The sale price of NSS is US$129.285 million and will be fully paid at the closing of the transaction expected in December 2016.

NSS’s sale was carried out through a competitive process and the transaction price was appraised by three financial institutions through two fairness opinions and one valuation report.

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

The closing of the transaction is subject to certain usual conditions precedent, including approval by the applicable regulatory bodies

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