Haiti - Economy : GB Group acquires 224 Texaco service station

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Haiti - Economy : GB Group acquires 224 Texaco service station
02/11/2011 07:59:44

On Monday the company Chevron has agreed to sell its distribution and commercialization activities of petroleum products that it currently owns on the markets of the Dominican Republic, Jamaica and St. Maarten to GB Energy LTD a subsidiary of Gilbert Bigio Group (GB Group), a group owned by a wealthy family in Haiti, GB Group includes among other the Aciérie d'Haïti (ADH), the Huileries Haïtiennes (HUHSA), Sodigaz, Gentel, Metalec Prometal to name only a few companies making part of this large group, employing over 2,000 people.

Under the terms of the agreement, GB Group will acquire 224 service stations, now under the banner Texaco, 10 facilities in airports and 3 import terminals.

"This sale is part of our ongoing efforts to restructure our global portfolio of business and generate stronger returns for our investors," said Glenn Johnson, CEO of Chevron.

The amount of the transaction has not yet been released, on October 31 was signed the Sales and Purchase Agreement to acquire Chevron assets in the Dominican Republic, Jamaica and St. Maarten, it is expected that the transaction is completed in the second quarter of 2012.

The President of the GB Group, Gilbert Bigio declared that "this transaction is part of our ongoing efforts to constantly search for new opportunities to expand our downstream fuel business in the Caribbean, keeping our focus to satisfy the needs of our customers in the markets where we operate."

As a partner for this transaction, GB Group counts with Mr. Randal Perkins, President and CEO of AshBritt Environmental, the largest rapid-response company for disaster recovery, emergency and environmental services in United States.

In Dominican Republic, GB Group has partnered with Martí Petroleum Group, an experienced company in LPG distribution and fuel marketing business in the country.

Recall that GB Group in October 2009 had acquired 58 Texaco stations sevice in Haiti, and the exclusive concession for the distribution of aviation fuel in the two main airports.

HL/ HaitiLibre