Brazilian state oil company Petrobras has signed an agreement to acquire ExxonMobils fuel distribution network in Chile for USD 400 million. Petrobras director of international business, Jorge Luiz Zelada announced that the deal was finalized. The transference of control over that network is scheduled to occur in the second quarter of 2009, when payment is made.
The Brazilian firm is acquiring contracts with 230 gas stations, 109 of them directly owned by Exxons Esso Chile Petrolera, and the concessions to supply fuel to 11 airports. Also part of the package are six large fuel-distribution terminals, two of which are joint ventures. Petrobras stated in a press release that Exxon Mobils chemical, lubricant and specialties businesses are not part of the agreement. The acquisition will give Petrobras a firm foothold in Chiles fuel-distribution market, with a market share of 16 percent and 14 percent in the retail and industrial segments, respectively.
Publication: Euclid Infotech - Utilities News
Provider: Euclid Infotech
Date: August 9, 2008
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