Repsol to Buy 40% of Mexican Lubricants Producer Bardahl

   By Alberto Delclaux

Repsol SA (REP.MC) said Monday that it has agreed to buy 40% of Mexico's Bardahl, in an operation that will allow the Spanish oil major to produce and sell lubricants in the Latin American country.

Bardahl, which produces and distributes lubricants through its own network, has a 6% market share in Mexico, according to Repsol.

Repsol said the investment forms part of its plan to double the sales volume of its lubricants unit by 2021, and that it goes hand in hand with its broader expansion strategy in Mexico. The company plans to open between 200 and 250 service stations in the country a year through 2022. It currently operates 60.

Repsol said it expects to complete the operation, which is subject to regulatory approval, in the third quarter.

Financial details weren't disclosed.

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

(END) Dow Jones Newswires

July 23, 2018 10:49 ET (14:49 GMT)

Repsol (QX) (USOTC:REPYY)
Historical Stock Chart
From Mar 2024 to Apr 2024