Chevron has completed the acquisition of Puma Energy’s Australia assets for AU$425 million as it re-enters the fuels retailing market.
Chevron Australia Downstream, a wholly-owned subsidiary of Chevron, has completed the acquisition of Puma Energy’s Australia assets for AU$425 million as it re-enters the fuels retailing market.
The acquisition adds a network of more than 360 company-owned and retailer-owned service stations, a commercial and industrial fuels business, owned or leased seaboard import terminals and fuel distribution depots to Chevron’s Australian portfolio.
“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 & Chemicals. “We are excited to welcome Puma Energy’s employees into the Chevron family. Once we satisfy current licensing commitments in Australia we look forward to extending the Caltex family of brands across the continent.”
This deal happens only four years after Chevron exited Australia’s retail market through the $4.6 billion sale of its half-share of Caltex.
Source: Pipeline ME
