Terpel and Cenit sign fuel distribution deal valued at $151mn
Published on: Sep 1, 2023
The fuel supply deal will cover a minimum of one year and be distributed via pipeline.
Terpel has signed a historic fuel distribution deal for the Colombian transportation industry with Cenit, the midstream unit of state-run oil company Ecopetrol.
Valued at 617.043 million pesos (US$151mn), the deal will cover a minimum of one year and be distributed via pipeline.
Payment will be made via an existing credit facility, pending an internal analysis of the company's financial capacity, said Terpel.
Terpel has more than 2,000 service stations throughout Colombia and supplies around 42% of the domestic fuels market.
The contact does not contemplate recourse mechanisms against third parties or conditions that limit the economic rights of the securities holders.
