MOSCOW (MRC) -- Brazil's state-run oil company Petroleo Brasileiro SA has closed the sale of a 100% stake in Nansei Sekiyu to Taiyo Oil Company, according to a securities filing on Thursday, reported Reuters.
Petrobras said Taiyo agreed to pay USD165 million in relation to the transaction. Japan-based Nansei Sekiyu is a refinery in Okinawa with capacity to process 100,000 barrels of oil per day, according to the filing.
As MRC informed before, Petrobras is seeking to sell its 5.8 billion Brazilian real (USD1.4 billion) stake in petrochemical producer Braskem SA. Petrobras hired Brazilian bank Banco Bradesco SA as a financial adviser and has started to pitch the sale to foreign investors.
Petrobras owns a 36% stake in Braskem, Latin America's largest petrochemical producer. The sale would help Petrobras meet its target of selling USD15.1 billion worth of assets in 2015-16, a key part of its plan to cut debt as oil prices plunge to 12-year lows.
Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.
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