24 October 2011 - Puma Energy International, one of the world’s largest and fastest growing integrated mid-stream and downstream oil companies, today introduced Puerto Rico’s Governor Luis Fortuño to its Puma Energy Caribe storage terminal in Bayamón, Puerto Rico.
Formally owned by the Caribbean Petroleum Company (Capeco), and acquired by Puma for US$82 million in May 2011, the terminal was previously amongst the largest fuel processing, storage and distribution facilities in Puerto Rico, supplying some 15 per cent of the island’s petroleum products consumption. In August 2010, Capeco filed a Chapter 11 petition in the United States Bankruptcy Court to liquidate their assets following a catastrophic explosion and fire at the Capeco facility on 23 October 2009.
Two years on from the explosion and, through working in close partnership with the Environmental Protection Agency (EPA), the Environmental Quality Board (EQB) and the local community, Puma is fast transforming the site into a state-of-the-art facility that is set to bolster Puerto Rico’s strategic petroleum reserves and Puma’s ability to benefit from advanced technical capabilities, economies of scale and close proximity to the metropolitan area of San Juan.
Following dramatic growth from just 45 employees in July, Puma currently employs over 300 skilled engineers and professionals – a figure that is set to rise as the company’s investment in the project grows from US$32 million in 2011 to US$230 million by 2014.
Commenting on his visit to Puma Energy Caribe, Puerto Rico Governor Luis Fortuño noted: “Two years on from one of Puerto Rico’s most devastating environmental incidents, and only 6 months since they acquired the property, it gives me enormous hope to see the positive strides that Puma Energy Caribe are taking to create jobs and rehabilitate the facility. We wish them every luck in transforming the site into an environmentally sound and industry leading hub for Puerto Rico.”
Victor Dominguez, General Manager for Puma Energy Caribe responded by saying: “Puma is committed to building commercial opportunities in Puerto Rico. We intend to lead by example in proving that our business is good for the local economy, good for competition and good for communities that rightfully demand high standards of professionalism, service and corporate responsibility. Our far reaching environmental remediation program, in partnership with federal and local authorities, is just the start for us. Through state-of-the-art technology and a core belief of wanting to do the right thing we intend to set new standards in environmental stewardship.”