Chilean officials meet De Vido over buying of Shell Argentina

By Carolina Barros

The buying of Shell Compañía Argentina de Petróleos SA (Shell CAPSA) by Chilean Luksic group has triggered a last minute meeting --currently taking place at the Planning Ministry-- between officials of the two neighbouring countries in order to discuss final details.

Thus, Planning minister Julio De Vido is met with Chile’s counterpart Laurence Golborne, and Energy Minister Rodrigo Álvarez.

According to sources, the deal will not be identical for both sides of the Andes as officials were to discuss a series of requirements made by Minister De Vido to company's authorities last Friday.

In order to clinch the deal, De Vido required Andrónico Luksic that Shell Argentina CEO, Juan José Aranguren, cannot stay at the helm of the company, plus the minister encouraged the Chilean group to sit down and start a round of conversations with retail distributors to ensure job security.

With the acquisition of Shell Argentina, the Chilean Luksic group arrives as a new foreign player on the market, controlling 18 percent of the petrol business (headed by YPF with 55 percent, Esso with 13.5 percent, Petrobras with 9.4 percent and Oil Combustibles with 4 percent).