Puma Energy Sells Fuels Business to Chevron Australia

Monday, December 30, 2019

Singapore's Puma Energy, the retail and midstream arm of global commodities trader Trafigura, said on Thursday it would sell its Australian commercial and retail fuels business to Chevron Australia for A$425 million ($288 million).

Puma Energy is 49%-owned by Geneva-based Trafigura, which is under pressure to rebalance its books after a decade-long buying spree.

Trafigura last week reported its lowest annual net profit in nearly a decade after a string of losses in its physical asset portfolio.

Puma Energy was among Trafigura's loss-making businesses, with a net loss of nearly $500 million for the nine months to Sept. 30, and was in the process of being overhauled.

Puma said its bitumen business in Australia was not part of the transaction.


($1 = 1.4736 Australian dollars)

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Tom Hogue)

Categories: Mergers & Acquisitions

Related Stories

Keppel Launches $2.9B Program to Monetize Legacy Offshore Drilling Rigs

Serica Energy Agrees $194M Pharos Energy Acquisition

Chevron Enlists Velesto’s Jack-Up Rig for Drilling Job off Malaysia

Energean Lifts Karish Fields FPSO Oil Processing Capacity

Searah Malaysia Starts Upstream Oil and Gas Operations

Hormuz Crossings Decline as US Renews Iran Blockade

Oil Surges to Four-Week High as US-Iran Trade Blows

Velesto Terminates NAGA 3 Jack-Up Rig Sale to Indonesian Firm

Noble Gets $136M Brunei Drillship Job

James Fisher, Aquaterra Launch Global Decommissioning Partnership

Current News

FPSO for Azule Energy’s Angola Offshore Field Starts Taking Shape in China

Borr Drilling's Mexican JV Expands Fleet with Five Jack-Ups

Keppel Launches $2.9B Program to Monetize Legacy Offshore Drilling Rigs

Saipem Cuts Earnings Outlook as Middle East Costs Rise

Serica Energy Agrees $194M Pharos Energy Acquisition

Oil Eases After Topping $100, Still Set for Weekly Rise

BP Moves Indonesia CCUS Project Into Offshore Installation Phase

Eni-Petronas JV Starts Indonesia-Bound FPSO Construction

QatarEnergy Prolongs LNG Force Majeure, Charters Out Tankers

Chevron Enlists Velesto’s Jack-Up Rig for Drilling Job off Malaysia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com