Petrobras Advances Divestment Drive With Japan Oil Refinery Sale

Petroleo Brasileiro SA advanced its downsizing of international operations with the sale of a shuttered refinery in Japan for $129 million.

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 Monday. The deal includes three piers and 9.5 million barrels in storage capacity for crude and oil products, the Rio de Janeiro-based producer said, adding that the refinery isn’t currently operating.

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