12/1/2008 | Other
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.