Valero buys Peruvian biofuels importer

Photo by Steve Jurvetson (Flickr) [CC BY 2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons

May 15 (Renewables Now) - Texas-based transportation fuels producer Valero Energy Corporation (NYSE:VLO) said on Monday it has taken over Peruvian fuel importer Pure Biofuels del Peru SAC (PBF).

A unit of Valero has acquired PBF from private equity firm Pegasus Capital Advisors LP, the company’s management and some other minority shareholders for an undisclosed sum in cash.

The transaction, which took effect on May 14, 2018, includes refined products terminals in Callao, near Lima, and in Paita, near Piura, along with land for the future expansion of the Callao terminal’s current storage capacity of about one million barrels of refined and renewable products. This facility has mooring and unloading systems with Panamax vessel capability.

“Peru is one of the fastest growing economies in Latin America and is well situated geographically to support our strategic growth plans,” said Joe Gorder, Valero’s chairman, president and CEO.

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