Vitol has agreed to acquire 50% of Brazilian downstream company Rodoil for an undisclosed sum.
Rodoil is a market leader in the southern part of Brazil with a downstream network comprising some 300 branded service stations and a distribution business supplying an additional 1,400 plus service stations through its network of 10 strategically located terminals. Sales in 2018 are expected to be circa USD$1.2 billion.
The company was founded in 2006 by current CEO Roberto Tonietto, who will continue to lead Rodoil from its headquarters in Caxias do Sul.
Russell Hardy, CEO, Vitol said; “Brazil has significant potential and is already the world’s 6th largest fuels market. Rodoil’s rapid growth since it was founded in 2006 demonstrates both the market potential and quality of the company’s leadership. We are pleased to invest in Rodoil’s plans for expansion and look forward to working with the management team to strengthen the company’s downstream footprint.”
Roberto Tonietto, CEO, Rodoil said; “This transaction represents a vote of confidence in the Brazilian market and the great team I am privileged to lead. Vitol has a track record of successfully investing in downstream companies around the world and I am delighted to be working with them.”
The transaction is subject to certain conditions precedent, including regulatory approvals, and is expected to close in Q4.
Vitol is an energy and commodities company; its primary business is the trading and distribution of energy products globally – it trades over seven 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 18mm3 of storage across seven continents, 480kbpd of refining capacity and 5,000 service stations across Africa, Australia, Eurasia and in Northwest Europe. Revenues in 2017 were $181 billion.