Terpel Exits Retail Fuel in Ecuador, Peru in $64M Primax Deal
Colombian energy group Terpel is selling its retail fuel stations in Ecuador and Peru to Peru's Primax for $64 million to pivot toward higher-margin lubricants and aviation fuel.
Terpel Ecuador has agreed to sell its entire retail fuel network to Primax Comercial del Ecuador S.A. for $64 million, divesting more than 130 service stations and convenience stores across Ecuador and Peru. In Peru, sister companies Corporación Primax and Coesti are acquiring the parallel operations. The Colombian firm’s board approved the transaction in Bogotá on June 20, 2026.
The divestment is a deliberate pivot away from capital-intensive, low-margin roadside fuel sales toward higher-yielding product lines. Terpel will retain its wholesale fuels, airport supply contracts, and its distribution of Mobil lubricants, which carry fatter margins than retail gasoline. Management framed the move as a direct response to the shifting energy matrix, aiming to redeploy capital into specialized business-to-business segments that offer wider competitive moats.
Peru’s Romero Group, the parent company of Primax, is acquiring the network to rapidly expand its regional footprint without the overhead of building new locations. The deal reflects a broader Latin American trend where established fuel distributors are pruning retail assets while doubling down on specialty niches. For Primax, absorbing Terpel’s stations provides immediate scale in the Ecuadorian market and consolidates its dominance in the Andean region.
Closing the transaction requires antitrust clearance from regulators in both Ecuador and Peru, meaning the competitive landscape could still shift depending on conditions imposed. Until approvals are granted, Terpel will maintain day-to-day operational control of the stations, ensuring fuel supply remains undisrupted. The complete transition of affiliated locations is expected to conclude by late 2030, providing a lengthy runway for the handover.
For investors, this sale signals that Terpel may apply the same lean, specialty-focused model to other regional markets if retail fuel margins continue to compress. Aviation fuel is particularly attractive because it relies on long-term contracts with airlines, creating predictable revenue. This transaction effectively makes Terpel Ecuador a pure-play industrial energy supplier, testing a capital-allocation strategy that could eventually reshape the Colombian parent's broader operations.
