Repsol-YPF acquires Shell's LPG business in Portugal

Dec 14, 2004 01:00 AM

Repsol-YPF has signed an agreement with Shell for the acquisition of that company's LPG business in Portugal, comprising Shell Gas (LPG) and its subsidiaries Spelta in Madeira (wholly-owned) and Saaga in the Azores (25 % stake).
The deal also includes the purchase of two bottling plants, one in Matosinhos, with 3,900-ton storage capacity, and Banatica in Almada, with a storage capacity of 2,700 tons. The company also acquires all commercial assets required for the normal development of this activity.

This acquisition is in keeping with Repsol-YPF's strategy aimed at strengthening its global presence in the world's LPG market and in growth in natural markets, such as Portugal. The agreement is subject to approval by European Anti-Trust Authorities.
Repsol-YPF began its activities in the Portuguese LPG market in 1992, a country where it currently has a 5 % market share with sales reaching 42,000 tons. Following this transaction, the company's market share will reach 21 % and sales 194,000 tons, making it the third leading operator in that country.

With 3.2 mm tons, Repsol-YPF ranks third in the world in the LPG retail market, with a presence in 10 countries.
The company is the leading operator in the Spanish and Latin American LPG market.

Source: AP
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