Chile's Copec Signs Fuel, Lubricant Deal with ExxonMobil

Reuters, November 17, 2016

Chilean industrial conglomerate Empresas Copec has signed an agreement with ExxonMobil to produce and distribute lubricants and fuels in Colombia, Ecuador and Peru, Copec said on Wednesday. The deal includes the transfer of ExxonMobil's fuel business in Colombia and Ecuador to Copec, which would include plants and industrial installations, and could imply an investment by Copec of up to $747 million, the Chilean company said. Under the deal, Copec will take control of ExxonMobil Andean Holding LLC and its subsidiaries, as well as ExxonMobil Ecuador.

Copec said it would resell the fuel business it acquires from Exxon in Colombia as soon as possible. In addition to broad participation in the fuels and lubricants business in the Andean region in general, the deal specifically includes the provision of fuel to Jorge Chavez International Airport in Lima, and the participation of ExxonMobil in auctions run by Copec for the supply of fuel to Chile.

The Pacific coast of South America is "a zone of enormous opportunities, where there are no structural limitations to achieving leadership in each of its countries," Copec CEO Lorenzo Gazmuri said in a statement.

The transfer of control is set to take place in the second half of 2017, Copec said. Copec, a diversified industrial holding company, is engaged through subsidiaries in fuels, forestry, fishing and other industries. Its shares were up 3.25 percent at 2:02 p.m. (1702 GMT).


(Reporting by Gram Slattery; Editing by James Dalgleish)

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