Chevron to Acquire Puma Energy's Australia Business

Noria news wires

Chevron recently announced that it has signed an agreement to acquire Puma Energy (Australia) Holdings for $292 million. The acquisition is expected to close in mid-2020, subject to regulatory approvals and customary closing conditions.

Puma Energy (Australia) Holdings and its subsidiaries hold assets including a network of company-owned and retailer-owned service stations in Australia, a commercial and industrial fuels business, seaboard import terminals and fuel distribution depots.

“The acquisition will provide Chevron with a stable market for production volumes from our refining joint ventures in Asia and create a foundation for sustainable earnings growth,” said Mark Nelson, Chevron’s executive vice president for downstream and chemicals. “It will build on Chevron’s strong history of partnership in Australia and our global experience in fuels and convenience marketing and supply.”

A global business focused on providing energy solutions in 47 countries across six continents, Puma Energy has nearly 3,000 retail sites, a presence at more than 80 airports and a network of 100 storage terminals. The company employs more than 8,000 people, with regional offices in South Africa, Puerto Rico, Estonia and Singapore.

“This transaction marks another positive step forward in Puma Energy’s commitment to optimize our global portfolio and deleverage our balance sheet by the end of 2020,” said Emma FitzGerald, CEO of Puma Energy. “This follows the sale of our business operations in Indonesia and Paraguay, enabling us to pay down our debt and ensure we’re focused on those markets which will drive growth as part of our customer-focused five-year strategy.”

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