December 8, 2011 [OPIS] - Puma Energy said on Thursday that it has agreed to acquire Chevron's fuel marketing and aviation businesses in Puerto Rico and the U.S. Virgin Islands.
Puma Energy is a subsidiary of global trading house Trafigura. Puma Energy, which was formed in 1997, now operates in 23 countries worldwide. It already has a strong fuel marketing presence in the Caribbean.
Chevron’s businesses in both markets include 185 retail stations in Puerto Rico, seven retail stations in the U.S. Virgin Islands, an aviation fuel supply business in the U.S. Virgin Islands and storage terminals at Guaynabo (Puerto Rico) and St. Thomas (U.S. Virgin Islands).
The deal is subject to regulatory approvals. The acquisition follows Chevron’s announcement earlier this year of its intention to sell these businesses. Puma Energy plans to launch a multi-million-dollar investment program once this deal is approved by the regulatory authorities, to ensure that the newly acquired facilities are successfully integrated into the company’s growing operations.
In December 2010, the company agreed to purchase CAPECO’s retail and storage network in Puerto Rico. In addition, in April 2011 Puma Energy agreed to acquire ExxonMobil’s fuels marketing and supply businesses in Belize, El Salvador, Guatemala, Honduras, Nicaragua and Panama, thus demonstrating its continued commitment to the region.
The financial value of the Chevron deal has not been disclosed.
