Petrobras to sell closed Okinawa refinery for $129M

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

Petrobras (PBR +2.2%) said late yesterday it had agreed to sell its mothballed Okinawa refinery and related assets to Japan's Taiyo Oil for ~$129M.

The Okinawa refinery company supplies about half the fuel needs for the Japanese island, has a capacity to produce 100K bbl/day, and includes 36 storage tanks that can hold 9.5M barrels of petroleum and derivatives, as well as port facilities.

The sale helps chip away at the $40B worth of assets PBR is marketing to potential investors in an effort to reduce leverage and help finance its business plan.