BOC, through its local company Cryogas, has acquired Comingas, a liquefied petroleum gas(LPG) wholesaler located in Colombia's coffee region.
BOC purchased the entire entity of Comingas - along with the assets of two distribution companies that purchase their LPG from Comingas - for US$1.9 million.
“Our objective was to enter the LPG market in 2003 and establish a presence in the entire market chain within a power zone, such as the coffee region. This acquisition provides BOC with a significant platform on which to build in the highly fragmented Colombian LPG market," says Maria Echavarria, BOC's Industrial and Special Products (ISP) business unit head in South America.
Comingas presently holds a 2.7 percent share of the Colombian LPG market, but is particularly strong in the coffee region where it maintains a 20 percent share.
