Terpel to bid for Petrobras’ Colombian assets

Colombia’s Terpel will bid to acquire the Colombian operations of Brazil’s state-owned Petroleo Brasileiro S.A. (Petrobras), Colombian business daily Portafolio reported.

Terpel´s board of directors has agreed to submit a binding offer, making the company the first official bidder for Petrobras Colombia Combustibles S.A., the newspaper said. In Colombia, Petrobras has some 114 service stations, 10 convenience stores and a lubricant plant. The potential value of the transaction is estimated at between USD 80 million and USD 100 million.

Terpel operates a network of some 2,089 service stations in Colombia and has a 45% share of the transport fuels market, including natural gas.

In related news, Latin American private equity fund Southern Cross is in the final stages of due diligence for Petrobras’ Chilean assets, after having recently reached an initial agreement with Petrobras. However, Primax, which is owned by Peru’s Romero Group, is also reportedly interested in these assets.