Puma Energy sells Australian fuels business to Chevron

The global mid- and downstream company continues to sell assets across the globe to reduce its debt.

Puma Energy Asia Pacific has announced the sale of its Australian commercial and retail fuels business to Chevron Australia Downstream for $AUD425 million (USD292mn).

The deal, which is expected to be completed in the middle of 2020, follows the sale of operations in Paraguay and Indonesia this year. Puma Energy has offloaded a number of assets in the last year to tackle its heavy debt.

“The acquisition will provide Chevron with a stable market for production volumes from our refining joint ventures in Asia and create a foundation for sustainable earnings growth,” said Mark Nelson, Chevron’s executive vice president for Downstream & Chemicals.

Puma, one of the Australia's largest independent fuel retail chains, owns a network of about 360 retail fuel sites around Australia, 222 shops and dozens of cafes and truck stops.

“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,” said Emma FitzGerald, CEO of Puma Energy.