Shell Sell Retail Business in Ecuador to Peruvian Oil Company
Shell has signed a Sale and Purchase agreement with Primax S.A. (Primax) relating to the divestment of its Retail business in Ecuador.
The agreement relates to Shell's retail business and includes a network of 60 retail service stations geographically spread across the country. The specific commercial details of this transaction are confidential and the sale is subject to regulatory approval and is expected to be completed early in 2006.
Primax is wholly owned by Enap Refinerías S.A., a subsidiary of Empresa Nacional del Petróleo (Enap), the national oil company in Chile and by Romero Trading S.A., the trading division of the Romero Group in Perú. These two groups also acquired Shell's fuels business in Perú in 2004, positioning Primax as one of the key players in the Peruvian oil market.
The Lubricants and Bitumen businesses are not part of the transaction and will continue to operate in the country under control of Shell as well as considering other opportunities in the country in relation with the oil business other than retailing.
Shell Ecuador Chairman, Marcelo Rivadeneira, said: "I am pleased to inform that we have reached an agreement with Primax, previously the buyer of our fuels businesses in Perú, that is expanding its fuels retail activities to Ecuador. Our priority now is to work with our staff, customers and other stakeholders to ensure a smooth transition and transfer the business early next year".
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