Copec concludes the acquisition of the Mobil lubricants business in the South Pacific coast

This Tuesday concluded the integration of badets related to the lubricants business of ExxonMobil de Colombia SA by Copec subsidiary Terpel, taking control of the lubricants of the brand Mobil in this country.

This transaction closes the agreement signed between Copec and the multinational ExxonMobil in November 2016. The purchase price amounted to 714.7 million US dollars, which was financed by a loan -Relais with different Colombian banks. Cash from acquired companies is US $ 230 million

"This is a strategic step for the international consolidation of Copec, having Mobil in our portfolio puts us in a prime position to become a leader on each of these markets.The value of Terpel's offer is increasing dramatically, "said Lorenzo Gazmuri, executive vice president of Copec.

For her part, Terpel Organization President Sylvia Escovar said: "Thanks to this agreement obtained as a result of the Copec and ExxonMobil relationship of more than 60 years, today Terpel leaves behind any structural limitation in the lubricants industry and generates the conditions to position itself as a reference in the industry, in Colombia, Peru and Ecuador, thanks to brand recognized for its high technology, such as Mobil. "

The regional agreement between Copec and ExxonMobil also considered the renewal of the contract that the two companies maintain in Chile, as well as the operation and marketing of fuels at the international airport Jorge Chávez, in Lima, Peru; and, the transfer of fuel activity operated by ExxonMobil in Ecuador.

The agreement was subject to the approval of the regulatory authorities of Colombia and Ecuador, which favored the integration of companies in the respective countries. ExxonMobil's badets in the markets of Ecuador and Peru, included in the agreement, already controlled the Terpel subsidiary on March 15, 2018.