(EnergyAsia, November 2 2012, Friday) — Puma Energy, a fast-growing global mid and downstream energy company, said it has completed the acquisition of Chevron Kuo Pte Ltd, a Singapore entity which owns 70% of Chevron Bitumen Vietnam Limited (CBVL).
The new company will be called Puma Energy Bitumen Vietnam Ltd and its assets will be rebranded Puma Energy over the next three months.
Puma Energy Bitumen Vietnam Ltd imports, stores and distributes asphalt for road building and infrastructure developments in Vietnam. Its assets include the Hai Phong terminal comprising wharf facilities, a state-of-the-art bitumen terminal with a storage capacity of 5,000 metric tons, the management of a bitumen distribution business around Hanoi and Ho Chi Minh City, and 35 staff members.
Puma Energy announced its planned acquisition of Chevron Kuo Pte Ltd in July, marking its expansion into Asia.
Pierre Eladari, Puma Energy’s CEO, said:
“Puma Energy is quickly becoming a global marketer of bitumen. Our investment in logistics operations and in our bitumen terminals in Spain, Africa, Central America and now Vietnam will help us to deliver ambitious growth in sales volumes.”
A subsidiary of commodities trader Trafigura Beheer BV, Puma Energy is a global integrated midstream and downstream oil company active in over 30 countries with a staff count of over 4,000. Established in 1997 in Central America, Puma Energy operates regional hubs in Singapore, Johannesburg (South Africa), San Juan (Puerto Rico) and Geneva (Switzerland).
With Angolan state oil firm Sonangol as a 20% shareholder, Puma Energy’s core activities in the midstream sector include the supply, storage and transportation of petroleum products. Its activities are underpinned by investment in infrastructure which optimises supply chain systems, capturing value as both asset owner and marketer of product.