Ultrapar Participações SA (UGPA3.SA), a large player in energy and infrastructure in Brazil, said on Thursday it will partner with Chevron Corp (CVX.N) to sell lubricants, additives and coolants in the Brazilian market.
Chevron Brasil Lubricantes Ltda and Ipiranga Produtos de Petróleo SA, which is controlled by Ultrapar, will create a new firm for the venture. The two companies had 2 billion reais ($618 million) in revenues last year.
No financial details were disclosed.
Ultrapar said it will have 56 percent of the new firm, while Chevron will own 44 percent.
The deal’s completion is subject to approval by Brazilian antitrust body Cade.
($1 = 3.233 Brazilian reais)
(Reporting by Marcelo Teixeira; Editing by Jeffrey Benkoe)