Singaporean energy firm buys local OMC
Joint venture will have a network of over 470 outlets nationwide
KARACHI:
Puma Energy of Singapore has concluded an agreement with the Chishti Group to acquire 51% stake in Pakistan’s fuel retail chain Admore Gas, according to an announcement on Thursday.
Puma Energy is a global midstream and downstream energy firm owned by Trafigura of Singapore and the Sonangol Group of Angola.
“The agreement was first announced on August 25, 2017 while its closing took place on Tuesday, October 31, 2017. The new company will be called Puma Energy Pakistan (Private) Ltd,” a statement issued by Admore said.
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This joint venture will have a retail network of over 470 sites nationwide, the statement said, adding the acquisition will bring Puma Energy’s branded retail sites, lubricants, convenience stores and quality fuel product range to the Pakistani market. “This follows Puma Energy’s previous investments in Africa, Southeast Asia and Latin America,” it said.
David Holden, General Manager of the joint venture, said “we have been greatly impressed by the Pakistani market, the strength of our new strategic asset base, its customer portfolio and the potential that can be realised.
“We believe we can bring further benefits with our global expertise in retail, logistics and our ability to ensure reliable and secure supply of high-quality fuels to our customers.”
“We believe partnering with Puma Energy, a well-established and recognised global brand, will benefit our retail offering and associated business network, connecting Pakistan to the global market and ensuring security of supply for Pakistan’s future growth,” said Chishti Group Chairman Amir Waliuddin Chishti.
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Puma Energy CEO Pierre Eladari said “as Pakistan is on a firm growth trajectory, it will place increasing demand on the downstream oil sector.
“Development in retail will be underpinned by a significant investment programme, in order to develop best-in-class supply chain infrastructure in-country, ensuring the future needs of our retail business partners and public customers can be met. Together with our new partner, we intend to play an important role in the future development of the industry in Pakistan, working closely with our new stakeholders in government, business and the public,” he said.
Published in The Express Tribune, November 3rd, 2017.
Puma Energy of Singapore has concluded an agreement with the Chishti Group to acquire 51% stake in Pakistan’s fuel retail chain Admore Gas, according to an announcement on Thursday.
Puma Energy is a global midstream and downstream energy firm owned by Trafigura of Singapore and the Sonangol Group of Angola.
“The agreement was first announced on August 25, 2017 while its closing took place on Tuesday, October 31, 2017. The new company will be called Puma Energy Pakistan (Private) Ltd,” a statement issued by Admore said.
Seven-day festival of Pakistani food, art, music and fashion to kick off in Singapore
This joint venture will have a retail network of over 470 sites nationwide, the statement said, adding the acquisition will bring Puma Energy’s branded retail sites, lubricants, convenience stores and quality fuel product range to the Pakistani market. “This follows Puma Energy’s previous investments in Africa, Southeast Asia and Latin America,” it said.
David Holden, General Manager of the joint venture, said “we have been greatly impressed by the Pakistani market, the strength of our new strategic asset base, its customer portfolio and the potential that can be realised.
“We believe we can bring further benefits with our global expertise in retail, logistics and our ability to ensure reliable and secure supply of high-quality fuels to our customers.”
“We believe partnering with Puma Energy, a well-established and recognised global brand, will benefit our retail offering and associated business network, connecting Pakistan to the global market and ensuring security of supply for Pakistan’s future growth,” said Chishti Group Chairman Amir Waliuddin Chishti.
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Puma Energy CEO Pierre Eladari said “as Pakistan is on a firm growth trajectory, it will place increasing demand on the downstream oil sector.
“Development in retail will be underpinned by a significant investment programme, in order to develop best-in-class supply chain infrastructure in-country, ensuring the future needs of our retail business partners and public customers can be met. Together with our new partner, we intend to play an important role in the future development of the industry in Pakistan, working closely with our new stakeholders in government, business and the public,” he said.
Published in The Express Tribune, November 3rd, 2017.