The lubricant segment of Colombian oil and gas company Terpel achieved increases in sales volumes and gross profit in 2022 in its two major geographical markets – Colombia and Peru.
For Colombia, Terpel reported lubricant sales volumes increased 16% in 2022 to 26.9 million gallons (9.2 million tons), while gross profit rose 20% to 274.4 billion pesos (U.S. $60.3 million).
In Peru – where the company operates a blending plant – Terpel’s lubricant sales volumes rose 4% to 17.8 million gallons, and lubricant gross profit rose 16% to Col$211.1 billion.
The company said that in Peru, its lubricants margin grew thanks to gradual increases in prices. Lubricant sales volumes recovered, mainly due to demand from the automotive segment and in distributor sales.
The company recently outlined plans to double production capacity at its Peru manufacturing plant. It currently can produce more than 500,000 barrels per year.
With more than 50 years in the commercialization of fuels, lubricants, and convenience stores, Bogota-based Terpel operates in Colombia, Peru, Panama, Ecuador, and the Dominican Republic.
The company started in Peru in 2014 under the Gazel brand name but renamed itself Terpel in 2018. For lubricants, it offers the Mobil brand at all its services stations and distribution points.