Galp Energia completes acquisition of ExxonMobil's Iberian subsidiaries

Galp Energia and ExxonMobil concluded today the acquisition of ExxonMobil affiliates' fuels and certain lubricants businesses in Spain and Portugal. The transaction represents a petroleum product sales volume of around one million tons per year and includes ExxonMobil's retail station network in the two countries, currently totalling 130 service stations, and its Industrial, Wholesale, LPG and Aviation fuels businesses. As of today, Galp Energia owns 628 service stations in Spain. The agreement for the acquisition of ExxonMobil’s operations for marketing oil products in Portugal and Spain was closed on April 2008, with the final approval from the European Commission announced on October 31, 2008.
This acquisition, along with the acquisition of Agip’s Iberian network already completed, is part of Galp Energia’s strategy, aimed at increasing the size of Galp Energia's Iberian operations in its core downstream market.

With these two transactions, Galp Energia will sell more 3 million tonnes up to 12.4 million tonnes in the Iberian Peninsula, 45% of which will be distributed in Spain.
Galp Energia's overriding goals for marketing of petroleum products are to maximise returns on the retail network by raising efficiency and to increase the sales volume in line with planned refining capacity.

See attach for transaction press release published on April 18, 2008 and supporting presentation.

Galp Energia, S.A.

PDF 143 KB Galp Energia completes acquisition of ExxonMobil's Iberian subsidiaries