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Chilean firm Compañía de Petróleos de Chile (COPEC) S.A. has reached an agrement to acquire a 47.2 percent indirect stake in the company that controls Colombia fuel company Organización Terpel S.A..

In the deal, COPEC paid $240 million for AEI Colombia Holdings and AEI Colombia Investments, which hold a 47.2% interest in Proenergia Internacional S.A., which in turn holds a majority stake in Sociedad de Inversiones de Energía, S.A - the holding company that owns Terpel.

The agreement also includes an option for COPEC to acquire, subject to certain terms and conditions, an additional 4.93% interest in Proenergía.

Terpel, through its subsidiaries, has approximately 1,861 owned or affiliated retail fuel stations, 246 of which are compressed natural gas stations, approximately 4,000 employees, and operations in Colombia, Chile, Ecuador, Panama, Peru, and Mexico.

Terpel is a physical supplier of marine fuel and lubricants in the Colombian ports of Barranquilla and Cartagena. Last year the company expanded its bunkering operations into Chile, supplying marine fuel by barge at ports in central Chile.

Sourcing its product from ENAP's 97,650 barrels-per-day Aconcagua Refinery near Valparaiso, Terpel supplies 380-centistoke(cst) fuel oil, 180-cst and marine gasoil (MGO) using the chartered Doña Carmela. The vessel has a capacity of 2,300 tonnes of intermediate fuel oil and 400 tonnes of marine gasoil (MGO).

Commenting on the COPEC deal, Jim Hughes, CEO of AEI, said “The divestiture of Proenergía is significant to AEI as it simplifies our business model and allows us to focus further on our four core business segments of Power Distribution, Power Generation, Natural Gas Transportation and Services, and Natural Gas Distribution.

“The divestiture of Proenergía is significant to AEI as it simplifies our business model and allows us to focus further on our four core business segments of Power Distribution, Power Generation, Natural Gas Transportation and Services, and Natural Gas Distribution."