Petrobras to Exit Colombia
Brazil’s Petrobras said that it plan s to sell its fuels and lubricants business in Colombia as part of a broader plan to sell assets to optimize its capital resources.
Pecco currently holds 3.5 percent of the Colombian lubricant market but is largely underutilizing a blending plant there. The business produced 5,300 metric tons of lubricants in 2019, but the blending plant, located in Bogota, has capacity to make 48,000 tons per year. Along with its fuels business, the company earned U.S. $7.1 million in 2019, a teaser said.