Puma Energy Asia Pacific will sell its Australian commercial and retail fuels business to Chevron Australia Downstream for AUD425 million.
Puma Energy says its priority is to ensure a transparent and seamless transition of operations to Chevron. The company’s bitumen business in Australia is not impacted by this transaction and Puma Energy will continue to invest in to enhance its service to bitumen customers.
The transaction is expected to be complete by mid-2020.
Emma FitzGerald, CEO of Puma Energy, says: ‘This transaction marks another positive step forward in Puma Energy’s commitment to optimise our global portfolio and deleverage our balance sheet by the end of 2020.
‘This follows the sale of our business operations in Indonesia and Paraguay, enabling us to pay down our debt and ensure we are focused on those markets which will drive growth as part of our customer-focused five-year strategy.’