Terpel, driving with the best energy

Terpel is a Colombian company that distributes petroleum and gas products, with a Latin American presence in five countries: Colombia, Panama, Peru, Ecuador, and the Dominican Republic. Its local network of service stations consists of more than 2,000 service points where liquid fuels and natural gas vehicles are sold. 

The company shows a solid performance at the financial level, as reflected in the consolidated results for the first quarter of 2022. In this quarter, sales volume exceeded 2019 levels by 13%, closing with 787 million gallons and showing an almost complete recovery in all business lines. Likewise, historical sales records were recorded in regional aviation in March.

The good performance was also reflected in most of the subsidiaries, causing EBITDA to grow by 7.7% at the consolidated level vs. the first quarter of 2021.


The development of the oil and gas industry has been a driving force for the socioeconomic development of Colombia and its regions, leading the country towards modernization.

Before the COVID crisis, crude oil markets suffered a major recession. However, as the vaccination programs progressed, the economic reactivation was increasingly noticeable throughout the world. Colombia has been no stranger to this reactivation scenario. Locally, by 2021, the Colombian economy was estimated to grow between 9.5% and 9.9% and, according to The Economist magazine, Colombia was the country that came closest to normality post-COVID19. This reactivation was also reflected in the demand for liquid fuels in the country, which averaged 302 thousand barrels per day, 27% higher than 2020 consumption levels and higher than 2019 demand.

It is estimated that world oil demand will continue to increase to over 100 million barrels per day in the second quarter of 2022, reaching pre-pandemic levels. For the case of Colombia, according to the World Bank, economic growth prospects are 4.1% for 2022 and 3.5% for 2023. In line with the above, the ACP (Colombian Oil and Gas Association) also estimates that the demand for liquid fuels will continue to rise, increasing 10% in 2022, and 3% annually between 2023 and 2030.


Terpel was founded in Bucaramanga in 1968, with 20 service stations to solve the problem of fuel shortages in the state of Santander. In 1972, Terpel entered the aviation business through the distribution of fuel for the Colombian airline industry. In the same year, Terpel Centro was founded, with ECOPETROL as the main shareholder. 

The company continued its national expansion with the opening of Terpel Antioquia, Terpel Sur, Terpel Norte, Terpel Sabana, and Terpel Occidente.

During 1982, the first Lubricants Factory was opened. Also, as part of the expansion of the business line, the company entered the marine business in 1993 through a diesel fuel distribution line for this segment. 

In 2001, the 7 Terpeles were organized and consolidated into the Terpel Organization as a leader in the local fuel distribution market. 

In 2004, the Terpel Foundation was created to work on improving the quality of education in Colombia.

In 2006, international expansion began with the opening of Terpel in the Ecuadorian market. A year later, Terpel arrived in Panama with the acquisition of 53 service units that operated under the Accel brand. That same year, 2007, Terpel opened in Chile.

During 2009, convenience stores opened in its service stores in Panama and Ecuador. In the same year, they expanded their NGV practices to Peru through Gazel Peru.

During 2014, the SIE, Proenergía, and Terpel Centro merger takes place to become Organización Terpel. That same year, Terpel is listed on the Colombian Stock Exchange.

In 2018, the lubricants business of ExxonMobil de Colombia is acquired, in addition to the operations of this company in Ecuador and Peru.


In 2020, Terpel was recognized for the fifth consecutive year as one of the world’s most sustainable companies in the retail sector. 

The cornerstone of all the Company’s decisions is people, which is why its action front in sustainability is given in 7 areas: 1. Memorable experiences, 2. Network consolidation, 3. Good corporate governance, 4. Growth of the Terpel team, 5. Environmental protection, 6. Welfare of communities and 7. Supplier development. They also articulate the company’s management through the three dimensions of sustainability: economic, social, and environmental. 

Likewise, they are committed to the Sustainable Development Goals (SDGs) and have prioritized actions in four of the SDGs. 

  1. SDG 7: Ensure access to affordable, safe, sustainable, and modern energy for all.
  2. SDG 8: Promote sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all.
  3. SDG 13: Take urgent action to combat climate change and its impacts.
  4. SDG 16: Promote just, peaceful, and inclusive societies.

The various programs carried out by the company have led them to obtain awards and certifications in sustainability such as the following:

  • In 2015, Andesco Award for best corporate governance, delivered for best corporate governance environment in governance, ethics, and transparency.
  • In 2016, Robecosam Recognition for the second consecutive year Terpel performed the measurement of the Dow Jones Sustainability World Index (DJSI). Placing as the best company in the sector (Oil and gas Storage and Transportation) in the social dimension and one of the three companies with the highest scores in comprehensive sustainability management.
  • In 2017, Robecosam Recognition for the third consecutive year.
Author: Marijose Vazquez