Colombia: Terpel awaiting decision by SIC to purchase ExxonMobil assets

Colombian oil company Terpel is waiting for the Superintendency of Industry and Commerce (SIC) to authorize their purchase of a number of downstream operations (fuel and lubricants) owned by ExxonMobil across Colombia, Peru and Ecuador. Although the resolution is expected to come out later this month, Terpel has already sought a $1.72 trillion peso (US$5.8 billion) credit for the possible acquisition.

In total, the company will pay $2.09 billion pesos ( in the business with ExxonMobil (US $ 740 million), a figure that would be higher than the previous record-holder sale of the subsidiary of Gas Natural Fenosa in Colombia.

On November of last year, the SIC indicated that for this purchase to become effective Terpel must immediately sell (to a third party) the fuel sections of ExxonMobil Colombia in order to avoid “the excessive concentration of national installed capacity in Terpel”.

Full Content: La Republica

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.