Exxon completes sale of Japan refinery to Petrobras
TOKYO, April 1, 2008 – Exxon Mobil Japan group refiner TonenGeneral Sekiyu KK said on Tuesday it had completed the sale of its majority stake in an Okinawa-based Japanese refinery to Brazil’s state oil firm Petrobras .
Petrobras has taken control of Nansei Sekiyu K.K., buying the 87.5 percent stake for around 5.5 billion yen . The deal marks the Brazilian company’s first refinery in Asia.
Japanese trading house Sumitomo Corp will continue to hold the remaining 12.5 percent stake.
Sumitomo has said it and Petrobras will upgrade the 100,000 barrels per day refinery on the southern Japanese island of Okinawa to refine Brazil’s heavier crudes.
They also plan to export oil products such as jet fuel, gas oil and other middle distillates to China and other Asian countries, and North and Latin America.
Petrobras is trying to boost its refining capacity overseas to add value to its rising exports of heavy crude from Brazil.
Looks like Petrobras is gaining refineries Global markets to upgrade its export of heavy crudes. This one Japan is very simple refinery (listed as 90 MBD instead 100 MBD quoted, just has HDS & Reformer) – to do heavy crude it could need both FCC & Coker …….. any news on one?