Nippon Oil Corp, set to merge with Nippon Mining Holdings in April, is considering selling its head office building in central Tokyo, a move that may help Japan’s biggest oil refiner rebound from a record full-year loss.

The sale of the building and the land it’s on in Shinbashi, south of the Ginza shopping district, is an option Nippon Oil is considering, President Shinji Nishio told Bloomberg News yesterday. The transaction could be worth as much as 110 billion yen ($1.2 billion), according to estimates from two analysts and an investment adviser.