Sumitomo to sell interest in Japanese refinery

Source: Petrobras

Petrobras (PBR) received a notice from Sumitomo Corporation April 1 informing about the Japanese company's interest in exercising its put option to sell 12.5% of the capital stock it holds in the Nansei Sekiyu KK Refinery (Nansei) to Petrobras. The remaining portion of Nansei's share capital (87.5%) has been owned by Petrobras since 2008. 

Petrobras will analyze Sumitomo's interest based on the terms set forth in the shareholders agreement currently in force. Sumitomo also informed that its interest to sell its participation is part of the revision of its strategy in the downstream segment. 

Nansei has a refinery located in the Japanese province of Okinawa, with capacity to process 100,000 barrels of light oil per day and which produces high-quality products, within the standards in effect in the Japanese market. It also has an oil and oil products terminal with capacity to store 9.6 million barrels, three piers which are able to receive product vessels of up to 97,000 dwt and a monobuoy to load tankers of the Very Large Crude Carrier (VLCC) type of up to 280,000 dwt.

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