Repsol on Thursday said it signed a $47 million agreement to sell to Primax 123 service stations in Ecuador, including the companys lubricants and aviation fuels activities.
Madrid, Spain-based oil company Repsol said that after the sale it will maintain a contract with Primax for marketing and distribution for the lubricants business, and a technical assistance contract for the aviation fuels business. Repsols sale also includes its industrial sales business in Ecuador, along with commercial infrastructure and logistics.
The sale is part of Repsols policy of selling non-strategic assets under the companys 2008-2012 strategic plan.
The transaction, which is subject to authorization by Ecuadorian authorities, is expected to close during the third quarter of this year, when Primax is scheduled to assume management of the business in Ecuador.
Based in Peru, Primax is a Chilean-Peruvian business founded in 2004 in connection with acquisition of Shell assets in Peru and a merger with Romero Trading. Primax is owned 51 percent by the Romero group in Peru, and 49 percent by Enap, the Chilean state oil company.
In Peru and Ecuador, Primax has 267 service stations and a workforce of more than 1,400.