Petroleo Brasileiro is to acquire ExxonMobil's majority stake in Okinawa, Japan-based refinery Nansei Sekiyu, according to the Nikkei.
Petroleo Brasileiro (Petrobras) will acquire the entire 87.5% stake in the refiner that ExxonMobil holds through its subsidiary Tonen General Sekiyu, the report said.
Petrobras will reportedly sell some of the shares to Sumitomo. Sumitomo is reportedly considering pushing its stake to around 30%.
The refinery has a capacity of 100,000 barrels per day. The investment will provide Petrobras a foothold in Asia’s fast growing markets. The company is seeking to expand its presence in Asia to take advantage of the continued demand for petroleum products.
After taking control of the refinery, Petrobras is expected to spend JPY100 billion on upgrading the facilities.