Eric Watkins
Senior Correspondent
LOS ANGELES, Aug. 8 -- Brazil's state-owned Petroleo Brasileiro SA (Petrobras) has bought ExxonMobil Corp.'s stake in Esso Chile Petrolera and other associated Chilean companies for $400 million.
Petrobras said the acquisition, due to be completed in second quarter 2009, will give it a 16% share of the Chilean retail market, in addition to a 14% share in the industrial area.
The agreement covers the fuels business in the retail, industrial, and aviation markets, including:
-- 230 service stations, including 109 that are self-owned. About half of them have convenience stores.
-- Fuel distribution and sales at 11 airports.
-- Six fuel distribution terminals, two of which are joint ventures.
-- 22% stakes in Sociedad Nacional de Oleoductos, and 33% stakes in Sociedad de Inversiones de Aviacion.
-- Sales volumes, in 2007, of 74,000, 40,000, and 20,000 cu m/month in the retail, industrial, and aviation markets, respectively.
-- 16% and 14% of the retail and industrial market shares, respectively.
Petrobras said ExxonMobil's assets in chemical, lubricant, and special products are not included in the agreement.
Contact Eric Watkins at [email protected].
