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Japan's Taiyo Oil Company has acquired Petrobras's 100 percent stake in Nansei Sekiyu.

The transaction was completed on Wednesday with a payment of US$165 million. The amount is still subject to final adjustments, according to Petrobras.

Nansei Sekiyu, a wholly owned subsidiary of Petrobras International Braspetro B.V. (PIB BV) up until the sale, owns a refinery on the island of Okinawa, Japan. It has a processing capacity of 100,000 barrels of oil per day, 36 tanks that store 9.5 million barrels of oil and oil products, three piers for loading and unloading ships and a monobuoy.

The facility is able to produce a range of oil products including fuel oil, gasoline, diesel, jet fuel and light oil.

Petrobas acquired 87.5 percent of Nansei Sekiyu in 2008 for approximtely 5.5 billion yen ($46.1 million) from Japanese refiner TonenGeneral Sekiyu, and made it a wholly owned subsidiary in 2010.

In 2011, the year after it took full ownership, Petrobras said that it would consider selling Nansei Sekiyu, but a deal never materialized.

The Brazilian company announced in March 2015 that it had decided to shut the Nansei Sekiyu refinery and continue operating the local marine terminal to maintain fuel supplies to Okinawa.

Taiyo Oil is a producer, importer and seller of oil and petrochemical products. The company's head office is in Tokyo.