Singapore, 18 July 2012 - Puma Energy LLC (“Puma Energy”), the mid and downstream energy company today announced it is set to complete the acquisition of Chevron Kuo Pte Ltd, a Singapore entity which owns 70% of Chevron Bitumen Vietnam Limited “CBVL”.
CBVL imports, stores and distributes asphalt for road building and infrastructure developments in Vietnam. The company's Hai Phong terminal has wharf facilities with a state-of-the-art bitumen storage terminal with a capacity of 5,000 metric tons and manages a bitumen distribution business around Hanoi and Ho Chi Minh City. The company employs 35 staff in Vietnam.
This acquisition is another step in the development of Puma Energy and marks the company’s first expansion into Asia following rapid growth across Africa and the Americas. Vietnam will become the 32nd country worldwide that Puma Energy operates within. Investment will be made into the new acquisition to grow its sale volumes through better regional logistics.
Commenting on today’s announcement, Pierre Eladari, Puma Energy's Chief Executive Officer said: "Today’s acquisition is the next step in our planned expansion in Asia as we become a global marketer of bitumen. Today we operate over 100,000 tonnes of bitumen storage capacity, with plans to expand the footprint to over 200,000 tonnes within five years.”
The company currently operates bitumen terminals in Spain, Angola and Central America.
For further information please contact:
Poh Leng Yu, Ruder Finn Singapore, +65 6235 4495, yupl@RuderFinnAsia.com