U.S. energy giant Chevron will buy Australia’s Puma Energy for about $292 million to provide more fuel distribution support in the Asia-Pacific region.
Source: Houston Chronicle
Chevron, which has a large refining presence in Asia and large liquefied natural gas hubs in Australia, will scoop up Puma’s network of 100 storage terminals, 3,000 retail fueling sites and its roughly 8,000 employees, including regional locations in Singapore, Estonia, South Africa and Puerto Rico.
“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.”
The deal is expected to close in mid-2020.
