Deals
Petrobras Advances Divestment Drive With Japan Refinery Sale
- Leads Ibovespa with 4.1% gain, stock at highest since 2014
- $129 million sale to Taiyo Oil Co. includes piers, storage
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Petroleo Brasileiro SA’s shares drove gains in Brazil after announcing the sale of a shuttered refinery in Japan for $129 million as it looks to raise cash and scale back international operations.
State-controlled Petrobras agreed to sell the 100,000-barrel-a-day Nansei Sekiyu refinery in Okinawa to Tokyo-based Taiyo Oil Co., it said in a statement late Monday. The deal includes three piers and 9.5 million barrels in storage capacity for crude and oil products, the Rio de Janeiro-based oil producer said, adding that the refinery isn’t currently operating.