Investing in Japan
Investment News
May. 22, 2008
Brazilian State-owned Oil Giant Petrobras Acquires Nansei Sekiyu
In April 2008, Petróleo Brasileiro S/A (Petrobras)
completed its acquistion of Nansei Sekiyu K.K. from TonenGeneral Sekiyu K.K., an affiliate of Exxon Mobile Corp.
Established in 1953, Petrobas is Brazil's dominant figure in oil exploration and production industries, posting a record net profit of US$ 12.3 billion (R$ 25.9 billion) in 2006. The Rio-based firm is actively seeking to expand its business outside of Brazil to other parts of Latin America and also Africa. And through its purchase of Nansei Sekiyu, Petrobras plans to increase sales in Japan and other Asian markets, through boosting capacity at Nansei's Okinawa oil refinery.
The firm made use of JETRO's Invest Japan Business Support Center (IBSC) in Tokyo in its acquisition of Nansei Sekiyu, utilizing free consultations with expert advisors on such matters as visas and licenses for oil refineries. JETRO also arranged meetings with local government officials and helped the company engage an accounting firm.
