Chevron acquires Puma Energy’s Australian fuels business

Chevron’s wholly-owned subsidiary Chevron Australia Downstream has completed the acquisition of Puma Energy (Australia) Holdings for AU$425m ($292.2m).

Chevron Australia has acquired all the shares and equity interests of Puma Energy from Puma Energy Asia Pacific.

In December last year, Chevron Australia initially signed a conditional share sale agreement to acquire all shares and equity interests of Puma Energy Australia.

The purchase adds a network of more than 360 company-owned and retailer-owned service stations of Puma Energy in Australia.

Also included under the assets are the commercial and industrial fuels business, owned/leased seaboard import terminals, and fuel distribution depots.

Chevron Downstream & Chemicals executive vice-president Mark Nelson said: “This strategic acquisition further integrates our value chain in the Asia Pacific region by providing a well-developed infrastructure for products from our Asian refining joint ventures in an attractive market.

“We are excited to welcome Puma Energy’s employees into the Chevron family. Once we satisfy current licensing commitments in Australia we look forward to extending the Caltex family of brands across the continent.”

The latest acquisition marks Chevron’s return to fuel distribution market in Australia after it sold its half-share in refiner Caltex Australia in a $3.7bn deal in March 2015.

Puma Energy is 49%-owned by commodities trader Trafigura.

In August 2019, Chevron started a carbon dioxide (CO₂) injection system in Western Australia, which is located at the company-led Gorgon natural gas facility in Barrow Island.