Major overhaul for Colombia's fuel retailing market in 2017

Almost 76% of Colombia's gas stations will undergo major changes in 2017, mainly in the form of change of ownership, brand or business structure.

Next year promises to shape the future of Colombia´s fuel retailing market for the years to come. The industry will feel the effects of major deals announced by Terpel, ExxonMobil, Petrobras and Biomax, reports El Tiempo.

Due to the size of its network, the biggest change will come from the deal between Chilean company Copec, which operates in Colombia under the Terpel brand, and ExxonMobil. Valued at $1 billion, the agreement would see Terpel acquire 100% of ExxonMobil´s 769 gas stations network, as well as its lubricant production business.

Another operation that will affect the market is the possible sale of Biomax. The international company has 782 fuel stations with a major focus on natural gas and propane. The value of its operations in Colombia would be worth around $300 million, according to industry sources. Vitol is considered one of the possible buyers.

Finally, Brazilian oil company Petrobras is expected to sell most of its remaining assets across South America. The state-owned fuel retailer, which has suffered severe corruption cases during the last year, still has a convenience store chain, 120 gas stations and a lubricants plant in Colombia. Petrobras´ assets in the country are valued at $95 million, with Terpel and Puma Energy keen on the acquisition.