Brazilian sugar and ethanol producer Cosan (CZZ.N) said on Friday it has closed a deal with Exxon Mobil Corp (XOM.N) giving it exclusive rights to distribute and sell lubricants under the Mobil brand in Bolivia, Paraguay and Uruguay.
The deal will go into effect on Nov. 14, Cosan said in a securities filing.
Cosan said sales by its lubricants arm under the Mobil brand in these countries would represent 5 percent of its annual sales volume and would represent an important step in its strategy to expand its presence in distribution outside its main market of Brazil.
Cosan acquired all of Exxon Mobil\’s Brazilian fuel and lubricant distribution assets in 2008.
In 2010, Cosan and Royal Dutch Shell Plc (RDSa.L) formed the joint venture called Raizen, under which all of Cosan\’s fuel and lubricants distribution assets are controlled.