The deal amounted to US$64 million, reported by the selling company to the Financial Superintendence of Colombia.

Colombia-based Terpel announced the sale of its service stations and convenience stores in Peru and Ecuador to Primax, the fuel marketing company of the Romero Group (Peru).

Through a statement sent to the Financial Superintendence of Colombia, Terpel reported that its board of directors had approved the sale of its assets and subsidiaries in Peru and Ecuador to Primax for US$64 million.

According to Terpel, this decision is due to a strategic review and its interest to focus on strengthening businesses with greater growth capacity and profitability in countries where there are possibilities of scale.

"Terpel seeks to focus on new opportunities that arise from the challenges associated with the energy transition and the reconfiguration of the energy matrix," said the Colombian company in a press release.

Meanwhile, the sales contract --signed with Corporación Primax SA and Coesti SA-- is subject to the approval of the competent authorities of each country and while the transaction is executed, the control and operation of the business continue to be Terpel's responsibility.

In addition, Terpel will continue to manufacture and market Mobil lubricants in Peru and will continue with the marketing of aviation fuels, the wholesale sale of liquid fuels and the dispatch and operation of Vehicular Natural Gas (NGV) intended for mass transportation in the capital city.

For its part, with this acquisition Primax strengthens its presence in both Peru and Ecuador.

“With this transaction, the Primax brand strengthens and expands its differentiated value offer to more strategic points of the Ecuadorian energy market,” Primax told the Peruvian specialized media Semana Económica .

In 2008, Primax acquired the Recesa and Oiltrader service stations from Repsol for US$ 47 million.