Petrobras May Sell Stake In Japanese Refinery

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Petrobras, Brazil's state-controlled oil giant, is mulling the sale of a partial stake in its wholly owned Japanese oil refiner Nansei Sekiyu KK, according to a Japanese television station which conducted an interview with Petrobras CEO Jose Sergio Gabrielli.

The sale would come as part of the Brazilian oil giant's plan to raise $13.6 billion by 2013 through asset sales to partially fund its five-year $224.7 billion exploration budget. There was no mention of specifics on the size of the stake it may sell or the buyer, according to Reuters.

Petrobras (PBR) paid $71 million in 2008 to acquire an 87.5% stake in the refinery from Exxon Mobil (XOM), the largest U.S. oil company.

The refinery currently processes only light sweet crude from Asia and Africa but has considered adding secondary units to process a wider slate, but has considered upgrades to be able to process oil from Brazil's pre-salt oilfields that Petrobras will be producing in the coming years, Reuters reported.