Puma Energy acquires Chevron's marketing business in Namibia
13 September 2011 - Puma Energy International (“Puma”) has agreed to acquire Chevron’s fuel marketing businesses in Namibia. Completion of the transaction is subject to regulatory approvals in Namibia. The business will remain under Chevron’s ownership until all approvals have been obtained.
The newly acquired businesses will add 26 fuel service stations, additional bulk fuel storage facilities, and a portfolio of industrial customers to Puma’s existing business in the country.
This acquisition is a strategic fit for Puma, enabling improved positioning in the country and ability to create a critical mass to make Namibia a regional logistics and distribution platform for supply not only in Namibia but throughout Puma’s Southern African operations.
“This is great news for our business in Namibia, and is yet another confirmation of Puma Energy’s commitment to Africa in general and Namibia in particular. This deal brings to Puma Namibia a good customer base and a good set of assets that we will utilise to continue serving the Namibian business community and general public. I am really excited about this deal and know that our staff will be equally thrilled,” added Maregesi Manyama, Managing Director for Puma Energy Namibia.
Puma Energy first entered the African downstream sector in Congo in 2002, before expanding further into West and Southern Africa. Puma Energy has become one of the largest investors within the sub-Saharan downstream sector, frequently in strategic partnership with governments, national oil companies and independents.
Commenting on the acquisition, Puma Energy’s COO of Africa Christophe Zyde said, “All of us at Puma Energy are thrilled by this new acquisition. In addition to offering significant synergies with Puma’s existing business in Namibia, this acquisition means that we will now be able to use Namibia as a regional hub for Puma’s business across the Southern African Development Community (SADC). We look forward to start working with our new colleagues as soon as possible and welcome them to a fast growing African team.”
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