(Petrobras, 28.Dec.2016) – Petrobras concluded the sale of its 100% stake in Nansei Sekiyu (NSS) to the Taiyo Oil Company.
The transaction was done by Taiyo paying $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 $13.6 billion during 2015-2016. The sale is in line with the Petrobras Strategic Plan, which aims to optimize its business portfolio.
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