Uruguay's state-run energy company Ancap bought this week 90 service stations from Chevron Corp operated locally under the Texaco banner, for 22.5 million US dollars.
Ancap President Daniel Martinez said that with the purchase the state run company will now control 60% of the retail market in Uruguay. The new service stations, which will operate under Ancap's DUCSA banner, bring the total of state-run stations to 300 nationwide. Uruguay does not produce oil and imports 15 million barrels a year for refineries. Texaco merged with Chevron in 2001.