Vitol is set to acquire 50% of Brazilian downstream company Rodoil.
The company is a market leader in the southern part of Brazil, with a downstream network comprising 300 service stations and a distribution business supplying an additional 1,400 plus service stations through its network of 10 strategically located terminals.
It was founded in 2006 by current CEO Roberto Tonietto, who will continue to lead Rodoil from its headquarters in Caxias do Sul.
Russel Hardy, Vitol CEO, says: ‘Brazil has significant potential and is already the world’s 6th largest fuels market. Rodoil’s rapid growth since it was founded in 2006 demonstrates both the market potential and quality of the company’s leadership. We are pleased to invest in Rodoil’s plans for expansion and look forward to working with the management team to strengthen the company’s downstream footprint.
The transaction is expected to close in the fourth quarter of 2018.