Nansei Sekiyu sale completed
Yesterday, we completed the sale of 100 percent of our stakes in Nansei Sekiyu (“NSS”) to Taiyo Oil Company (“Taiyo”). The transaction was completed with the payment of $165 million by Taiyo, after all conditions precedent stipulated in the contract signed on October 17, 2016 had been met. This figure is still subject to final adjustments.
The transaction was accounted for in the partnership and divestiture program, which reached $13.6 billion in the 2015-2016 biennium. The sale is in line with our Strategic Plan, which is aimed at business portfolio optimization.
NSS is a company located on the island of Okinawa, Japan, and wholly owned by Petrobras International Braspetro - PIB BV. It comprises a refinery with a processing capacity of 100,000 barrels of oil per day, 36 tanks that store 9.5 million barrels of oil and oil products, in addition to three piers for loading and unloading vessels and a monobuoy.
Taiyo is a privately held Japanese oil product import, export, refining and trade company based in Tokyo. It has nine offices/branches, including a refinery in Japan.
The Nansei sale was conducted through a competitive process, and the transaction price was evaluated by three financial institutions through two independent fairness opinions and a valuation report.