Valero acquires PBF
Published by Anna Nicklin,
Assistant Editor
Hydrocarbon Engineering,
Through certain subsidiaries, Valero Energy Corp. has acquired Pure Biofuels del Peru S.A.C. (PBF) from Pegasus Capital Advisors L.P., PBF management, and its minority shareholders. As the third largest fuels importer in Peru, PBF maintains a leading supply platform with a diverse group of customers, including retailers, miners, and airlines. The transaction, which was funded with cash, also includes refined products terminals in Callao, near Lima, and in Paita, near Piura in northern Peru.
The Callao terminal has mooring and unloading systems with Panamax vessel capability, storage capacity of approximately one million barrels for refined and renewable products, and an eightbay truck rack for products distribution. The acquisition also includes land adjacent to the Callao terminal to support future expansion of the terminal’s storage capacity. The Paita terminal, scheduled to commence operations in mid-2018, is also capable of receiving Panamax vessels and will have an initial product storage capacity of 180 000 bbls, with land available for future expansion.
Valero’s Gulf Coast refineries have access to cost-advantaged crude oil and natural gas, and their proximity, scale, and flexibility enable the company to offer high quality fuels to meet growing demand in Latin America.
“This acquisition demonstrates our continued interest in expanding international product exports and wholesale fuels volumes,” said Joe Gorder, Valero Chairman, President and CEO. “Peru is one of the fastest growing economies in Latin America and is well situated geographically to support our strategic growth plans.”
Read the article online at: https://www.hydrocarbonengineering.com/the-environment/25052018/valero-acquires-pbf/
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