Puma Energy enters Pakistan's fuel retailing market with JV

Puma Energy enters Pakistan's fuel retailing market with JV

International energy company Puma Energy has entered into an agreement with the Chishti Group to acquire 51% interest in Admore Gas Pvt. Ltd, one of Pakistan´s leading OMCs with a network of 470 stations.

The acquisition forms part of Puma Energy's global strategy of disciplined investing in fast-growing markets with a high demand for oil products, according to the company.

"Pakistan is on a firm growth trajectory; growth which will place increasing demands on the downstream oil sector,” said Puma Energy's CEO Pierre Eladari.

The joint venture will bring Puma Energy branded retail sites, convenience stores and quality product range to the Pakistan market.

“We believe partnering with Puma Energy will benefit our Admore network, connecting Pakistan to the global market and ensuring security of supply for Pakistan's future growth,” said Chishti Group Chairman, Amir Waliuddin Chishti.

The Chishti Group acquired Admore in 2014.

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