Divestment streak for Petrobras continues

BRASILIA, Brazil, Dec. 29 (UPI) -- Brazil's state-run oil company said it closed on the sale of a refinery on the Japanese island of Okinawa as its divestment streak continues.

State-run Petroleo Brasileiro, known informally as Petrobras, said it closed on the 100 percent sale of its refinery to Japan's Taiyo Oil Co. for $165 million. Taiyo gains a refinery with a processing capacity of 100,000 barrels per day and a storage capacity of 9.5 million barrels.

"The operation was recorded in the partnerships and divestments program that reached $13.6 billion on the 2015-2016 period," the Brazilian company said in a statement. "The sale is aligned with the Petrobras' strategic plan, which aims to optimize the business portfolio."

The sale of its Japanese refinery comes one week after French supermajor Total gained access to two of Brazil's largest oil fields in a $2.2 billion deal with Petrobras. The deal came as the Brazilian company struggled through a weak oil economy and concerns about corruption.

Petrobras last year said it aims to move past a "sad chapter" after taking a massive loss in a graft scandal.

Earlier this week, the company sold some of its subsidiaries in Mexico for a combined value of $385 million. Petrobras said its divestment program today is about $1 billion short of the target for the year.

"Petrobras informs that its partnership and divestment program totaled $13.6 billion on the 2015-2016 biennium, a figure which is below the $15.1 billion target established for the period," the company said.