Transfers Affiliates to UNOPETROL Member of Grupo Terra
Rubis announces the divestments of its Central American assets in Belize and Costa Rica to UNOPETROL member of GRUPO TERRA. Completion of the sale of its assets in Nicaragua to the same group is awaiting local regulatory approvals. These assets were recently acquired from Chevron in the context of a wider contract signed in November 2010. UNOPETROL, a Central American company based in Honduras, with this strengthens its position in the oil distribution industry in the region.
By proceeding with this divestment, Rubis has chosen to focus on the Caribbean region, which corresponds in all respects to its strategic criteria: niche markets, leadership positions and control of logistical facilities in this petroleum products importers’ business environment.
As a result of this transaction, Rubis reduces its exposure in Central America, a geographical area where it had no specific competitive advantage, and can concentrate more fully its financial and human resources to strengthening its position as a major player in 10 countries within the Caribbean region.
Next update: Annual and Extraordinary General Meeting of 9 June 2011
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