June 23, 2006
SOL announces acquisation of Shell Puerto Rico

The SOL GROUP announced last week, that a Share Purchase Agreement was signed with Shell for the acquisition of the shares of The Shell Company (Puerto Rico) Limited.

The transaction relates to Shell’s Retail business composed of a network of 163 service stations and the Lubricants businesses in Puerto Rico. The petrochemical plant, Shell Chemical Yabucoa Inc. (SCYI) in Puerto Rico, as a separate legal entity, was excluded from this transaction and remains under Shell management.{{more}}

The specific terms of this transaction are confidential and the sale is expected to be completed in the coming months.

In 2005 SOL acquired Shell’s fuel businesses in Belize, Guyana, Suriname and the following countries of the Eastern Caribbean region: Barbados, St. Lucia, Netherlands Antilles, St. Kitts & Nevis, British Virgin Islands, Antigua, Dominica, Anguilla, Grenada and St. Vincent, positioning SOL as one of the key players in the Caribbean oil market.

SOL will supply Shell’s products and continue to use the Shell brand name under a Trade Mark License Agreement at retail service stations and will sell Shell and Pennzoil brand lubricants in Puerto Rico.

Sol Group Chairman, Kyffin Simpson said, “We welcome the opportunity to expand our commercial relationship with Shell into Puerto Rico having had a very successful year in the Eastern Caribbean, Guyana, Suriname and Belize markets. We look forward to working with the staff and intend to grow the business through close local partnerships that can respond rapidly to customer needs.”

Shell Puerto Rico Chairman, Juan Carlos Cortés said, “I am delighted that we have been able to establish this long term deal with the SOL Group in Puerto Rico. This brings together the best of Shell’s global products and standards with SOL’s local focus and decision-making. Our priority now is to work with our staff, customers and other stakeholders to ensure a smooth transition and jointly grow the business.”