Brazil shines for the Norwegian company in terms of deliveries as its overall bottom line is impacted by lower international fertilizer prices and margins.
Operators would deliver 100% of output to state oil company Petroperú, which would be responsible for selling it.
The Madrid-based group is also expanding its footprint in Peru.
The new subsidiary aims to improve gas distributors' operational efficiency.
Late last year, Chile's Copec, which controls Terpel, signed the deals to buy ExxonMobil assets in Colombia, Peru and Ecuador.
Paulo Miranda, head of Brazil's fuel retailers' federation, talks to BNamericas about how 2017 might be the year that marks the return to growth of oil product sales. "If Brazilian GDP is not negative, there's a chance we'll see growth in fuel sales this year. I'm optimistic," he says.
The local hydrocarbons industry group highlights the reduced operating costs of piped transport of higher viscosity oil but also looks at the challenges.
High on the agenda is the potential for new investments in oil and gas exploration following the publication of a three-year licensing round calendar by Brazil's mining and energy ministry last week.
Agreement designed to foster stable investment climate in electricity and hydrocarbons, and to achieve consensus between national and provincial governments.