Puma Energy agrees to acquire ExxonMobil's downstream businesses
29 March 2011 - Puma Energy has agreed to acquire ExxonMobil's fuels marketing and supply businesses in Belize, El Salvador, Guatemala, Honduras, Nicaragua and Panama.
Puma Energy was formed in 1997, and has grown rapidly to become one of the world's largest independent downstream companies. Headquartered in Switzerland and a subsidiary of Trafigura Beheer BV, Puma Energy now operates in 23 countries worldwide. It already has fuel marketing businesses in El Salvador, Guatemala and Honduras and also fuel supply businesses across the Caribbean, including in Puerto Rico and the Dominican Republic.
The newly acquired businesses will add approximately 290 fuel service stations and eight fuel storage terminals, a substantial business-to-business network, four aviation fuel supply businesses, and two marine fuel supply businesses - in Guatemala and Panama. Puma Energy will also be acquiring ExxonMobil's Manref Refinery in Managua, Nicaragua and their 65% stake in the RASA refinery in El Salvador. The acquisition in each country is subject to regulatory approvals.
Commenting on the acquisition, Puma Energy’s chairman Pierre Eladari said, “just as our acquisition of BP's companies was a milestone for us in southern Africa late last year, so the acquisition of these ExxonMobil companies marks a significant milestone in the growth of our business in Central America. It positions us as one of the leading fuel supply companies in the region. Together with our acquisition of the CAPECO terminal and network of service stations in Puerto Rico, we believe this creates one of the strongest and most dynamic players in this market."
“The deal not only enhances our existing business, but also adds three new markets. It brings so much value for us and we believe we are in the process of creating exciting new businesses, new opportunities for staff and a new era for fuel supply in Central America. We have the technical and commercial capabilities, the ability to supply and the ability to deliver. It's a hugely exciting opportunity.
"Our ethos is to create and sustain a low cost, reliable fuel supply of the highest quality from source to end-user. Nothing fancy, nothing gold-plated: our promise is to get great fuel and lubricants to motorists, businesses, power generation companies, farmers and truck drivers at low-cost, reliably and delivered in a safe and responsible manner".
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