US independent refiner Delek will sell its retail network to Chilean retailer Copec for $535mn
OREANDA-NEWS. US independent refiner Delek will sell its retail network to Chilean retailer Copec for $535mn, the company said today.
The deal would mark Copec's entry into the US retail market, expanding from its majority hold on the Chilean market and a retail presence throughout Latin America.
Delek will continue to supply the US stations under an 18-month agreement as part of the deal. The company reported an average 30,500 b/d of fuel sales through the system in the second quarter, which includes 348 owned stores and supply for another 142.
The sale does not include terminal or blending infrastructure that generate credits used to comply with federal biofuel mandates and will not affect Delek's strategy on the Renewable Fuel Standard, the company said.
Delek had this year considered several options for the retail network, including a potential drop down into its master logistics partnership.
Copec in 2010 expanded from its dominant fuels and lubricants position in Chile to a majority stake in Colombia's Terpel, which the company said has a 45pc market share in that country. That acquisition also gave Copec a presence in Ecuador, Mexico, Panama and Peru.
Moving into the US would build on that experience, chief executive Lorenzo Gazmuri said.