Vitol* and Grupo Dislub Equador (“GDE”) have entered into a long-term strategic partnership to build a leading downstream company in Northern Brazil. As part of this agreement, Vitol will acquire 50% of GDE, which owns the sixth largest branded service station network in Brazil and has sales of circa 1.4 billion litres of fuel per annum, for an undisclosed sum.

The transaction will enable the parties to build on GDE’s strong regional presence of 430 branded service stations, extensive customer network and supporting infrastructure, including 210,000 cubic meters of import storage, across 15 states. Its customers will benefit from increased investment in the business and a new, efficient and quality source of supply.

“This will be a big step for the GDE group. We intend to reach new markets while consolidating our presence in the territories where we already operate and strengthening our company to cope with the challenges that the Brazilian market is set to experience,” said Sergio Lins, shareholder of Dislub Equador Group.

Russell Hardy, Group CEO, Vitol said; “We are excited by Brazil’s potential. Grupo Dislub Equador has a strong footprint in Brazil’s fastest growing regions, and is well placed to serve Brazil’s growing and increasingly competitive market. We look forward to working with the team to capture growth opportunities and strengthen the business further.”

The transaction is subject to certain conditions precedent, including regulatory approvals, and is expected to close in Q4.

*Vitol Investment Partnership II, an investment vehicle sponsored and managed by Vitol.

About Vitol

Vitol is an energy and commodities company; its primary business is the trading and distribution of energy products globally – it trades 7.4 million barrels per day of crude oil and products and, at any time, has 250 ships transporting its cargoes.

Vitol’s clients include national oil companies, multinationals, leading industrial and chemical companies and the world’s largest airlines. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including: circa 16mm3 of storage globally, 480kbpd of refining capacity and 6,500 service stations across Africa, Australia, Brazil, Eurasia and in Northwest Europe. Revenues in 2018 were $231 billion.

About Dislub Equador Group

Operating in the fuel market since 1997, Grupo Dislub Equador has a strong presence in three out of five regions of the country. With infrastructure capable of storing more than 210,000 cubic meters of fuel, the group serves its 430 flag posts and other 2,000 customers, generating annual revenues of over 5 billion Brazilian reals.