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Brazil's Petrobras has sold its Japanese subsidiary Nansei Seikyu to Taiyo Oil Company for US$129mn, the Rio de Janeiro-based firm said on Tuesday.
The deal hands the Tokyo-headquartered firm a 100% stake in a 100,000b/d oil refinery, 36 storage tanks, three loading piers and a single-point mooring facility, according to a Petrobras statement.
In addition to refined oil products, Taiyo produces and sells petrochemicals.
"The sale follows a competitive bidding process and the price of the transaction was evaluated by three financial institutions," Petrobras said.
The federal oil company has raised around US$10bn from divestments in the past two years as it seeks to overcome a crippling corruption scandal and reduce debt.
The biggest deal so far has been the US$5.19bn sale of a 90% stake in the Nova Transportadora do Sudeste gas pipeline unit to a consortium led by Brookfield Asset Management.
Petrobras has also offloaded oil and gas fields, other refineries and distribution assets.