News Post
Petrobras approves sale of Okinawa refinery, terminal to Taiyo Oil
Photo courtesy of Petrobras.
Petrobras’ Board of Directors approved the sale of 100% of the shares of Nansei Seikyu (NSS) to Taiyo Oil Company.
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 Mbpd, 36 tanks that store 9.5 MMbbl 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 a refinery and eight oil and oil products terminals in Japan. The company also manufactures, processes and sells petrochemical products.
The sale price of NSS is $129.285 MM and will be fully paid at the closing of the transaction expected for 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 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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