Puma Energy International said it has completed the acquisition of 100% of the issued share capital of Soagel SA.
Soagel owns a newly built 5000m3 liquefied petroleum gas (LPG) terminal in the port of Cotonou, Benin.
This new acquisition will be named Puma Energy Benin SA. It is an important step in the development of Puma Energy and marks Puma’s entry into LPG in Africa in addition to adding a new market and 17 staff to Puma’s fast-growing African presence.
Puma believes that this LPG terminal will become a key asset to provide Benin and neighbouring landlocked countries with the security of supply for LPG.
Commenting on the acquisition, Puma Energy’s head of Africa Christophe Zyde said, “ This acquisition is a new milestone for Puma Energy as it marks the company’s growth into LPG. Puma Energy is excited by this transaction and we hope to develop our Benin business quickly”.
“Puma is looking to offer our Benin customers value-for-money, to exceed their expectations and build long-term partnerships. Our growth here is yet another confirmation of Puma’s commitment to Africa in general. We also look forward to working closely with Societe Nationale De Commercialsation Des Produits Petroliers (“SONACOP”) ” added Daniel Duffau, Acting General Manager for Puma Energy Ivory Coast, Ghana and Benin.
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LNG World News Staff, April 19, 2012; Image: Puma Energy