Valero Energy has acquired Pure Biofuels del Peru (PBF) through a subsidiary. According to Reuters, it is the refiner’s first infrastructure investment in South America.
As the third largest fuels importer in Peru, PBF maintains a supply platform with customers including retailers, miners, and airlines. The transaction was completed with cash and includes product terminals in Callao, near Lima, and in Paita in northern Peru.
The Callao terminal has mooring and unloading systems with Panamax vessel capability, storage capacity of approximately one million barrels for refined and renewable products, and an eight-bay truck rack for products distribution. The Paita terminal, scheduled to commence operations in mid-2018, is also capable of receiving Panamax vessels and will have an initial product storage capacity of 180,000 barrels, with land available for future expansion.
“This acquisition demonstrates our continued interest in expanding international product exports and wholesale fuels volumes,” said Joe Gorder, Valero chairman, president and CEO. “Peru is one of the fastest growing economies in Latin America and is well situated geographically to support our strategic growth plans.”
With approximately 10,000 employees, Valero’s assets include 15 petroleum refineries with a combined throughput capacity of approximately 3.1 million barrels per day and 11 ethanol plants with a combined production capacity of 1.45 billion gallons per year (6.5 billion litres).