Puma Energy Asia Pacific B.V. announces the sale of its Australian commercial and retail fuels business to Chevron Australia Downstream Pty Ltd (Chevron), for a purchase price of $AUD425 million.
The transaction is expected to complete by mid-2020.

Puma Energy’s priority is to ensure a transparent and seamless transition of operations to Chevron for all employees, customers and business associates in Australia. The Puma Energy bitumen business in Australia is not impacted by this transaction and Puma Energy will continue to invest to enhance its service to bitumen customers.

Puma Energy expects to use the proceeds of the sale to pay down debt, in line with the Company’s capital structure policy.

Emma FitzGerald, CEO of Puma Energy, said:

“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’re focused on those markets which will drive growth as part of our customer-focused five-year strategy.”

BofA Securities acted as financial adviser to Puma Energy, and Allens as legal adviser. This announcement contains inside information under Article 17 of Regulation (EU) 596/2014 (16 April 2014).

About Puma Energy

Puma Energy is a leading global energy business with a customer-focused approach to safely providing energy solutions in 46 countries across six continents. Puma Energy has around 3,000 retail sites, a presence at over 80 airports and a network of 100 storage terminals. Our purpose is to energise communities to help drive growth and prosperity by sustainably serving our customers’ needs in high potential countries around the world.

About Chevron

Chevron is one of the world's leading integrated energy companies and through its Australian subsidiaries, has been present in Australia for more than 60 years. With the ingenuity and commitment of thousands of workers, Chevron Australia operates the Gorgon and Wheatstone natural gas facilities; manages its equal one-sixth interest in the North West Shelf Venture; operates Australia’s largest onshore oilfield on Barrow Island; and is a significant investor in exploration.