Brazil's state-controlled oil and gas giant Petrobras announced on Thursday that it had signed an agreement to purchase Chevron Chile SAC assets, the company that manufactures and markets Texaco lubricants in Chile.
According to Petrobras, the operation, which is worth about 12 million U.S. dollars, was expected to be fully concluded within a month.
The agreement includes a lubricant plant in Santiago, capable of producing 15,900 cubic meters annually, and the acquisition of 23 tanks used to store feedstock and finished products.
Additionally, the agreement also involves trademark usage cession, as well as the Texaco lubricant formulation and the basic product supply agreement between Petrobras and Chevron United States.
The signed document is designed to ensure product continuity for two years, which will provide a smooth transition to the Petrobras Lubrax lubricant trademark.
With the agreement, Lubrax's market share in the Chilean lubricant segment will reach six percent, consolidating Petrobras' market position and boosting opportunities in the different distribution channels the company holds in Chile.
Petrobras started operating in Chile four years ago, with a commercial representation. The acquisition of Chevron Chile's stock is the continuity of a process of consolidation which started with the acquisition of Esso Chile Petrolera assets.
Today, Petrobras operates 230 service stations in Chile, distributing and marketing fuel at 11 airports and six distribution terminals. Petrobras currently has 16 percent of the Chilean retail market as well as seven
percent of the country's industrial sector.
According to Petrobras, the acquisition of Chevron's assets in Chile
was in line with the company's strategic plan, which foresees its expansion in Latin America. Petrobras currently operates in 28 companies, being involved in the oil, natural gas, electric energy, biofuels, and renewable energies sectors.