The acquisition is expected to give the Brazilian company a 16% share of the Chilean retail market, in addition to a 14% share in the industrial area.
With the deal, Petrobras now owns a network of 8,315 points of sale in six South American countries. The agreement covers the fuels business in the retail, industrial and aviation markets.
Transfer of control is expected to take place in the second quarter of 2009, together with the payment of around $400 million. In the next five years, Petrobras plans to invest $90 million in Chile.
With the acquisition, Petrobras is hoping to provide high-quality services to consumers, by combining the customer service and the technical qualifications of Esso Chile’s 1,320-strong local workforce. ExxonMobil’s chemical, lubricant and special product businesses in Chile are not part of the agreement. The acquisition includes a 22% stake in Sociedad Nacional de Oleoductos, and a 33% stake in Sociedad de Inversiones de Aviacion.
