November 5, 2009
Petrobras on Wednesday executed its acquisition of Chevron Chile, S.A.C., a Chilean company that produces and markets Texaco brand lubricants in Chile. The acquisition includes a lubricant plant in Santiago with capacity to produce 15,900 cubic meters per year. The value was approximately US$12 million.
Petrobras owns a 6% share of the Chilean finished lubricant market. It expects to capture this share by starting to use its lubricant brand, Lubrax, in the Chilean market.
The acquisition consolidates Petrobras’ presence in the fuel and lubricant distribution segment in Latin America where, in addition to in Brazil, the company already has operations in Argentina, Colombia, Paraguay, Chile, and in Uruguay by means of a network of upwards of 1,200 service stations. Specifically in Chile, Petrobras in 2008 acquired distribution assets involving more than 230 service stations and aviation fuel distribution bases at 11 airports