Chevron wraps up Puma acquisition in Australia
- Business developments & projects
US energy giant and LNG operator Chevron has completed the acquisition of Puma Energy’s Australian commercial and retail fuels business.
Singapore’s Puma Energy, majority-owned by Trafigura and Sonangol, sold all off shares and equity interests in the Australian business to Chevron’s downstream unit.
The deal has a price tag of A$425 million ($292 million).
The acquisition adds a network of more than 360 company-owned and retailer-owned service stations to Chevron’s Australian portfolio.
It also includes a commercial and industrial fuels business, owned or leased seaboard import terminals and fuel distribution depots .
“This strategic acquisition further integrates our value chain in the Asia Pacific region by providing a well-developed infrastructure for products from our Asian refining joint ventures in an attractive market,” said Mark Nelson, Chevron’s executive vice president for downstream and chemicals.
Chevron’s Australian unit operates the giant Gorgon and Wheatstone liquefied natural gas projects located in Western Australia.
Worth mentioning here, the company recently announced it is looking to sell its stake in the Woodside-led North West Shelf LNG venture in Australia.
Chevron made a move to start a formal marketing process for its 16.67 per cent stake in the $34 billion project after receiving bids from several buyers.
Following the announcement, Woodside’s chief executive Peter Coleman said during a conference the company would consider acquiring the stake if it deemed necessary and the price was right.