Brazil: Ultrapar-Chevron joint-op shakes fuel additive market

Ultrapar Participações SA (UGPA3.SA), a large player in energy and infrastructure in Brazil, said on Thursday it will partner with oil giant Chevron in a venture to sell fuel additives, lubricants and coolants in the South American market.

Chevron Brasil Lubricantes will join Ultrapar’s Ipiranga Produtos de Petróleo to form a new venture, with Ultrapar acting as majority owner with 56% of shares.

The deal’s completion is subject to approval by Brazilian antitrust body Cade. The companies combined revenue for 2015 was of over $618 million USD, making their new project a major player in the local industry.

Full Content: Reuters

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