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Petrobas May Sell Nansei Sekiyu Stake

Petrobras is looking to sell a partial stake in its wholly owned Japanese oil refiner Nansei Sekiyu Kabushiki Kaisha.

Petrobras is looking to sell a partial stake in its wholly owned Japanese oil refiner Nansei Sekiyu Kabushiki Kaisha, Bloomberg reports, citing Kyodo News. It will use the money from the sale to invest in deep-sea oilfield development.

Petrobras acquired an 87.5% interest in Nansei Sekiyu from Exxon Mobil in 2008 for $50 million, while it bought the remaining 12.5% stake from Sumitomo in 2010. The Brazilian state-run company is looking to raise around $13.6 billion from the sale of its assets.

Click here for the story from Bloomberg.

Click here for additional coverage from Reuters.

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