Colombia: SIC rules Terpel out of ExxonMobil fuel business

Colombia’s Superintendency of Industry and Commerce issued a resolution stating that oil company Terpel will only be allowed to buy the ExxonMobil lubricants business in Colombia, Ecuador and Peru, ruling out a purchase of the oil giant’s fuel assets.

The agency imposed a series of conditions for sale, separated into three stages. First, ExxonMobil must separate its lubricant businesses from it’s fuel distributors. Second, Exxon must sell its assets to a transient buyer, local or foreign and other than Terpel. Finally, Terpel may buy ExxonMobil’s remaining assets in Colombia only.

The conditions will leave more than 700 service stations available to be picked up, opening possibilities for expansion to companies such as Texaco, Biomax or Petrobras, or even allowing new competitors to enter the country.
Full Content: El Espectador

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