Petrobras has struck a deal to sell its Okinawa refinery to Taiyo Oil for $129.3million, according to a securities filing.
The refinery currently provides about half the fuel needs for the Japanese island and has a capacity to produce 100,000 barrels a day.
The sale has been approved by the board of directors as the company tries to move ahead with a plan to sell $15.1billion of assets by the end of the year in an effort to cut the firm’s almost $125billion of debt.
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