Petrobras to sell refineries in the U.S. and Japan

Petrobras, Brazil’s state-owned oil company, will sell its petroleum refinery in Okinawa, Japan, and another refinery in Pasadena, Texas, in the U.S. The two refineries are part of the US$14.8 billion assets the company will divest over the next months; Petrobras is accumulating resources in order to invest in the development of the pre-salt offshore reserves. The company will also sell its 48.5% stake in the Argentinean power distributor Edesur. Petrobras recently paid US$820.9 million for the remaining 50% in the Pasadena plant but ended up in an ownership dispute with partner Astra Oil Trading NV. Prospective buyers for the Pasadena refinery are LyondellBasell and Valero Energy Corp. (July 9, 2012)