Terpel buys Repsol-YPF’s service station network in Chile

Oct 31, 2007 01:00 AM

Terpel Combustibles and Lubricantes of Colombia, has bought the distribution and service station network of Repsol-YPF in Chile. The Repsol-YPF distribution and commercial business has been sold for a reported $ 210 mm.
Repsol said the sale was part of the restructuring of its Latin American assets. The business also includes commercial fuel business as well as the 206 service stations.

Repsol will keep in Chile its aviation fuel and lubricants business and its liquefied gas activities where it is the market leader through its 45 % stake in Lipigas. Repsol said the sale is expected to close by the end of December 2007. The deal is part of Repsol's plan to sell off non-strategic assets.
Terpel, formally known as Organizacion Terpel, is a Colombian Oil and Gas company. In 2006, Terpel acquired Accel, one of the most well known oil corporations in Panama.

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