Shell El Salvador has just sunk $11 million as an initial investment into sustainable energy for the country and the company's chairman Rafael Maradiaga says he is "very excited" regarding opportunities in this sector. "I've just signed an agreement with the Salvadoran company Gesal for Shell to participate in a clean, geothermic energy project which involves harnessing energy from volcanic rock," Mr Maradiaga explains.
Active in the country for the past 40 years, Shell El Salvador is diversifying its traditional service station convenience store business. So far it has grasped half ownership of a refinery and, just 18 months after entering the business, controls 30 percent of the local aviation fuel industry.
"Last year the company enjoyed two percent growth despite the affects of the earthquakes which struck the region and the general worldwide economic slowdown. Shell El Salvador currently posts billings of around $30 million per month," says the chairman, who arrived in El Salvador last year following years working throughout Latin America for Royal Dutch/Shell.
"We have every intention of seeing our business increase in El Salvador and that's why we're investing here" he continues. "This country has recovered wonderfully from the civil war and natural disasters and I would tell the U.S. business community to take a second look at El Salvador and the rest of Central America. It's a great opportunity.
Before arriving in El Salvador, Mr. Maradiaga recalls how colleagues had told him of the country's incredible business potential and he says they were right on the mark. "I'd always heard that the Salvadoran business community was the most dynamic in the region and that the workers were tireless. It's proven to be true."
