The transaction is worth over $30 million, said Cairo Amador, Executive Director at the National Institute for the Promotion of Competition, Procompetencia.
El Nuevo Diario consulted the director who said: "The transaction (the purchase of Texaco) was just completed last week, but I understand that is the first part because there is still a review period, which involves looking at all the terms and conditions imposed on that transaction. "
Texaco gas stations, now under the name UnoPetrol, compete with ESSO and the state run company, Petronic.
Source: elnuevodiario.com.ni
More on this topic
September 2009
Nicaraguan Petrol Distributor (DNP), a network of 50 gas stations in the country, was acquired for an undisclosed amount.
The purchase was done by a holding company related to the family of President Ortega. Its previous owner was Swiss company Glencore, and its assets include storage tanks in Puerto de Corino, capable of 60.000 barrels.
April 2012
The Swiss oil company has completed the takeover of the assets of Exxon Mobil in Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama.
The Exxon Mobil assets to be transferred to Puma Energy include 300 service stations, two refineries, the addition of three terminals, two airports and a marine bunker fuel supply which supplies 20% of the regional market, all of which involves managing a 20 million barrels of oil per year.
October 2010
The company will invest in remodeling and building gas stations as well as improving their storage facilities.
Carlos Reyes, manager of the company, said the investment is projected for the next ten years.
"The response from Reyes arose as a consequence of comments made by a spokesman of a retail fuel distributors association which said Tuesday that Texaco and Esso were selling their shares in order to leave Central America due to increased market share by Albapetróleos and China´s intention of building a refinery in Costa Rica to serve the entire region," writes Daniel Choto in Elsalvador.com.
January 2012
The Venezuelan company plans to open eight new gas stations in the country this year.
The vice president of this joint venture, Luz Estrella Rodríguez, made the announcement, adding that they are venturing into the propane gas market with a greater supply.
As part of its marketing strategy, the company initially, offered lower prices than its competitors, but has gradually aligned its prices with the market.
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