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Petrobras signs purchase agreement of Japanese refinery

Source: www.gulfoilandgas.com 11/9/2007, Location: Asia

Petrobras announces that signed with TonenGeneral Sekiyu Kabushiki Kaisha (TGSK), a subsidiary of ExxonMobil, the purchase document (Share Sale and Purchase Agreement) of 87.5% interest in the Japanese Company Nansei Sekiyu Kabushiki Kaisha (NSS), for the value of approximately US$ 50 million. Besides TonenGeneral, NSS also has Sumitomo as a shareholder, which will remain with 12.5% of NSS in partnership with Petrobras.

The acquisition includes a refinery with capacity of 100 thousand bpd, that process light crude oil and high quality products, a crude oil and products terminal with storage capacity of 9.6 million barrels, three piers with capacity to receive product vessels of up to 97 thousand deadweight tonnage (dwt) and a mono buoy for Very Large Crude vessels (VLCC) of up to 280 thousand dwt.

It is planned the use of terminal capacity in order to boost the commercialization of biofuels in Japan and other Asian markets and complement current trading of crude oil and products into Asian market of approximately 100,000 bpd.

This business is an important achievement for Petrobras as the company will start refining operations in Asia for the first time. This agreement is in alignment with the Company’s Strategic Plan for the crude oil refining capacity expansion abroad. It also contributes in a significant way to increase the commercialization of crude oil and products produced by Petrobras.

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