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Petrobras May Sell Its Okinawa operation

Date Posted: 2011-11-10

Brazil's state-owned oil company Petrobras is exploring the markets, and says it may sell all shares in Nansei Sekiyu K.K., a wholly owned Japanese subsidiary, if a favorable buyer is found.

Chief Executive Jose Sergio Gabrielli told a news conference in Tokyo that the company plans to reach its conclusion on the matter within two and a half years.
Petrobras was initially planning to sell some shares in the Japanese refinery company in the southern prefecture of Okinawa.

Gabrielli says the company needs massive funds for developing deepwater oil fields off Brazil and that its non-core operations, including Nansei Sekiyu, could be sold.

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