23 December 2010 - Puma Energy International is pleased to announce that it is the successful bidder in the Bankruptcy Court of Delaware for substantially all of the assets of Caribbean Petroleum Company (Capeco), which was one of the largest independent fuel processing, storage, distribution and retail companies in Puerto Rico.
Puma Energy has agreed to pay a total of $82 million for these assets.
The assets include Capeco’s entire retail network comprising 157 retail sites, gasoline, diesel and other fuel storage facilities and undeveloped land within the Free Trade Zone at Bayamón/Cataño, along with a private deep water jetty.
Historically Capeco supplied 15% of the island’s clean products consumption.
Puma Energy will launch a significant programme of environmental remediation and upgrade work at the storage facility and retail sites in 2011, in close cooperation with government authorities.
In parallel, the retail network will be rebranded and operated under the Puma Energy banner. This is expected to have a strong positive impact in the retail market segment, building on the previous successful roll out of the Puma Energy retail brand in the region.
Puma Energy already operates the 48,000 tonne Guaynabo oil storage terminal in Puerto Rico.
Pierre Eladari, CEO of Puma Energy commented:
“We are very excited by this acquisition. We are already in the process of launching the retail Puma Energy brand in Puerto Rico, and the addition of the Capeco assets is a springboard, creating capacity, capability and new opportunities for us. We have committed funds to recondition the Bayamón/Cataño facility and build and refurbish the distribution and retail network. This will provide better, more reliable fuel supply and create local jobs.
After the Capeco fire, we were pleased that the authorities found Puma Energy Guaynabo Terminal facilities exceeded the standards required of us. A very early priority for us is to get the Bayamón/Cataño storage facility 100% operational safely again. Puma Energy has a long track record of safe and responsible operation wherever we operate and we remain totally committed to safety all day, every day. Period.”
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