TotalEnergies says it has signed an agreement to sell its fuel distribution activities in Brazil to SIM Distribuidora, a Brazilian company, statement to Energy Window International by email has disclosed. It said the transaction would involve a network of about 240 filling stations and several storage facilities for petroleum products and ethanol.
SIM Distribuidora, known as one of the recognized players of the fuel distribution business in Brazil, belongs to Grupo Argenta, which has more than 500 service stations, lubricants and aviation activities.
This sale according to the statement, will reflect the selective strategy of TotalEnergies in marketing and services in the retail network business, with special focus on core geographies with significant market share positions. The Company retains its lubricants blending and distribution activities in Brazil.
The acquisition remains subject to authorization by the relevant authorities.
The company says it has been operating in Brazil for almost 50 years, through five subsidiaries, and currently employs more than 3,500 people in its business segments – exploration and production, gas, renewable electricity (solar and wind), lubricants and chemicals, with its Exploration & Production portfolio to include 11 licenses, 4 of which are in operation. Adding that in 2023, its average production in the country reached approximately 140,000 barrels of oil equivalent per day. It is also investing in the growth of the renewable energy segment in Brazil, the company said. Adding that in October 2022, the company entered into a partnership with Casa dos Ventos, Brazil’s leading renewable energy player, to jointly develop a 12 GW renewable energy portfolio.