Terpel, a Colombian company dedicated to the distribution and marketing of fuels and lubricants, announced the sale of part of its assets in Peru and Ecuador to Primax for a total of US$64 million. It is worth mentioning that, in these markets, the company reported in 2023 a generation of economic value in the order of $5.2 trillion.
The operation involves the transfer of gas stations and convenience stores, while Terpel will retain business segments considered strategic in both nations; He also clarified that he will retain a part of the operation to concentrate on the lines that can generate more value.
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In Peru, for example, the multilatina will transfer to Primax all its service stations and convenience stores operated by Terpel Perú SAC and Terpel Comercial del Perú SRL, subsidiaries of Terpel. This includes nine owned stations, 17 leased, eight co-investments and nine convenience stores. It is worth mentioning that Terpel reported the sale of 113.7 million gallons and a profit of $59,699 million in 2023 in the Peruvian market. The market share in both segments was 0.65% and 6.31%, respectively.
In addition to the sale, The Colombian company revealed that it will continue to market Mobil lubricants and aviation fuels, as well as the wholesale sale of liquid fuels and CNG for mass transportation in the Peruvian capital. Likewise, at the Jorge Chávez International Airport in Lima, Terpel will operate the storage and dispatch of fuel for aircraft, maintaining a market share of 7.18%. In the distribution of lubricants, the company has 18,788 points of sale and 36% of the market.
With respect to the Ecuadorian country, the operation contemplates the sale of 100% of the shareholding that Organization Terpel SA owns directly or indirectly in the company Terpel Comercial Ecuador CIA Ltda., which manages 20 owned service stations, 20 non-owned service stations operated by the company. company, 68 affiliated stations and 14 convenience stores. It deserves attention that, in 2023, sales reached 343 million gallons and an Ebitda of $31,663 million, although losses of around $9,847 million were recorded. Likewise, Terpel will retain its participation in the lubricants business in Ecuador, where it has more than 10% of the market.
Terpel stated that this decision focuses on maximizing the potential for growth and profitability in its operating markets. The company stated that to reach their definitive materialization, the transactions are subject to the approval of the competent authorities in each country. Until then, Terpel will maintain control and operation of the businesses involved.
“The business restructuring process, if carried out, would be completed immediately upon obtaining approvals from the competent authorities. In Peru, with the signing of public documents, through which the company’s assets are transferred. And in Ecuador, with the subscription and registration of the transfer of the company’s shares“Terpel detailed through a statement from the Financial Superintendence.
It is worth mentioning that Terpel’s performance in the first quarter of 204 showed revenues of $.8 billion, with a 3% annual decrease due to lower volumes. Revenues in Colombia grew by 9%, while Panama, Peru and Ecuador showed decreases of 32%, 21% and 27%, respectively. The Dominican Republic (with a share of 3% of the total) also registered a drop of 19%, compared to the same period in 2023.
Founded in 1968, the company has established itself as one of the most important players in the energy sector in Latin America, with presence in Colombia, Ecuador, Panama, Peru and the Dominican Republic. Terpel operates service stations, offers mobility solutions and has a wide network of points of sale. In addition, it has diversified into other services such as convenience stores and loyalty programs for its customers.
