FERRERE assisted Dicomtriz S.A. on the acquisition of Ecuador’s largest service station chain, owned by the national oil company (EP Petroecuador) in a USD 10.5 million transaction.
The government corporation EP Petroecuador launched a tender process for sale of several service stations in Ecuador. "Estación Amazonas," one of the country’s most important oil storage stations, was part of this bid process in which EP Petroecuador sought a purchase price of USD 10 million. Estación Amazonas has been the largest-selling station in Ecuador for 23 years, and is one of the stations with the highest sales in Latin America.
Among the many challenges posed by the transaction, FERRERE advised its client on the current environmental liability of Estación Amazonas, given that it has not yet been fully renovated. This was taken into account in the USD 10.5 purchase price agreed to by the parties.
From the outset of the bid process and during the arduous negotiations, FERRERE assisted Dicomtriz S.A. on bid preparation and negotiation and closing of the agreements. The sale of such an important downstream asset for EP Petroecuador may represent a new trend of privatization of government corporation assets.