Pure Biofuels del Perú, SAC (the “Company” or “Pure Biofuels”), a Peru-based company that focuses on oil and gas industry, announce that BP Group has completed an equity investment in the Company.
"BP’s equity investment in conjunction with our long term supply relationship with the Company demonstrates our commitment to this important and fast-growing region. Pure Biofuels operates with high environmental and safety standards and owns a key energy infrastructure asset in the South-American fuel distribution market,” said Russell Simon, Managing Director, BP Latin America Integrated Supply and Trading.
Management and Pegasus purchased the equity of Pure Biofuels in April of 2012, de-levered the balance sheet and provided growth capital for the expansion of the terminal and operations. “BP’s investment in Pure Biofuels as the Company finished its terminal expansion to become the largest refined fuels terminal on the Western coast of South America will significantly help accelerate the Company’s growth prospects,” said Alec Machiels, a partner at Pegasus.
Simultaneously with the acquisition in 2012, Pure Biofuels closed on a large working capital facility which allowed the Company to increase its sales of liquid fuels and biofuel products. “BP´s extensive technical and commercial expertise and global sourcing capabilities make it an ideal strategic partner to expand the company´s operational and marketing capabilities,” said Alberto Pinto, Chief Executive Officer of Pure Biofuels.