The major name Chevron acquires the Singapore based company Puma Energy’s assets. This has made a major return to the country’s fuel distribution Market. Puma is coping up to rebalance itself after a long run in the market of oil assets. On account of Chevron’s return, Puma has booked a net loss of US $500 for the year.
This acquisition will provide Chevron a stable market for volume productions with the refining joint ventures in Asia and can create a sustainable foundation for stable earnings and growth. Puma amounts to a major presence with 270 retail sites, 20 depots and three bulk seaboard terminals across Australia and delivers more than one billion litres of fuel a year.
Trafigura to witness a drop-in price as Trafigura would accept a hefty discount to what it paid and that the assets would likely fetch no more than US$500 million. Puma, which said it’s retaining its bitumen business in Australia with the purchase of Ausfuel, Neumann and Central Combined Group assets. As per reports suggest through media, Puma paid around the US $ 850 million for acquiring of Ausfuel and Neumann assets.
Though with the potential price tag difference, for welcoming Trafigura, which last week reported its lowest annual net profit in nearly a decade after a string of losses in its physical asset portfolio. It will build on Chevron’s strong history of partnership in Australia and our global experience in fuels and convenience marketing and supply.