Chilean state oil company Enap, in cooperation with Peruvian conglomerate Grupo Romero, and Brazilian federal oil and gas company Petroleo Brasileiro (Petrobras) may buy the fuel distribution assets of Spanish oil group Repsol in Chile, Economia y Negocios reported on August 15, 2007.
The operation is still being prepared and the final conditions have not been officially announced, yet. The process is in the hands of the U.S. investment bank Goldman Sachs.
If Enap and Romero, through their joint venture Primax SA, win the deal, Enap will control 10 pct of the fuel stations in the country. Primax is 49 pct controlled by Enap, and Romero holds the majority 51 pct stake. The joint venture plans to have 200 fuel stations at the end of 2007 in Peru, where it currently controls 30 pct of the market. Primax also plans to invest over $30 mln (22.4 mln) to expand to Bolivia and to countries in Central America in the mid-term.
Representatives of Petrobras in Chile had previously announced plans to expand in the local fuel distribution business.
Publication: Business Digest
Provider: AII Data Processing Ltd.
Date: August 17, 2007
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