The Competition Superintendence (CS) is currently reviewing the acquisition authorization request with respect to the acquisition of the assets of the company “Distribuidora SHELL de El Salvador, S.A.”, hereinafter, “SHELL”, and part of the company “Refinería Petrolera Acajutla, S.A.”, hereinafter, “RASA”.

1. Press Release C. 55-09
El Salvador, December 9th, 2009.
Mergers and acquisitions
CS Analyzes Acquisition of SHELL El Salvador
The Competition Superintendence (CS) is currently reviewing the acquisition authorization
request with respect to the acquisition of the assets of the company “Distribuidora SHELL de
El Salvador, S.A.”, hereinafter, “SHELL”, and part of the company “Refinería Petrolera
Acajutla, S.A.”, hereinafter, “RASA”.
The Board of Directors (BD) of the CS is currently carrying out a technical, legal,
“The BD of the CS can and economic analysis of the acquisition authorization request filed, where the
authorize, condition, or company Salvadoran company “Inversiones Petroleras de El Salvador, S.A.
deny a de C.V.” shall acquire all the shares of the company SHELL and the
merger/acquisition Panamanian company “Petróleos de El Salvador, S.A.” shall acquire all the
authorization request shares belonging to “Shell Overseas Holding” in RASA, the petroleum refinery in
Acajutla.
based on the results of
a technical, legal, and In order to use updated information in the liquid fuels market, the SC requested
economic analysis on information to the Ministry of Economy, through the Hydrocarbons and Mines
the impact said Department. Said information shall complement the one provided by the
operation may have on petitioners.
competition”, asserted
Jose Enrique On November 26th, 2009, the petitioners completed the information required by
Argumedo, Chairman of law in order to admit the acquisition authorization request to be reviewed. The
the Board of Directors CS has 90 calendar days, beginning on November 27th, 2009, to authorize,
of the Competition condition, or deny said acquisition.
Superintendence.
This is the first acquisition authorization request filed related to the hydrocarbons´
sector. In 2006, the CS carried out a study on the competition conditions of said
sector and executed an investigation which concluded with the sanction to two
important petroleum companies for infringements to the Competition Law.
In countries like the United States of America, Mexico, Panama, and El Salvador, the prior merger/acquisition
authorization request is mandatory. A merger/acquisition is the total or partial combination of two economic
agents, independent from each other, with the purpose to generate savings in costs and significant economic
efficiency gains. In case a merger/acquisition is conditioned, the SC can authorize the operation if and only if
certain requirements are complied with, such as: to carry out a determined conduct or avoid to execute it;
eliminate lines of production, amend terms of the transaction, amongst others.
Edificio Madreselva, 1er Nivel, Calzada El Almendro y 1ª Ave. El Espino, Urb. Madreselva, Antiguo Cuscatlán, El Salvador.
E-mail: contacto@sc.gob.sv - www.sc.gob.sv

2. Background
Date Activity
th
November 4 , de 2009 The acquisition authorization request was filed.
The BD requested information from the economic agents participating in the operation, pursuant to
November 17th, 2009
Article 25 of the Competition Law Regulation.
November 26th, 2009 The participating economic agents filed the requested information.
December 8th, 2009 The BD admitted the acquisition authorization request to be reviewed.
Edificio Madreselva, 1er Nivel, Calzada El Almendro y 1ª Ave. El Espino, Urb. Madreselva, Antiguo Cuscatlán, El Salvador.
E-mail: contacto@sc.gob.sv - www.sc.gob.sv