July 1, 2014 [OPIS] - Puma Energy, a global integrated midstream and downstream energy company, said that it has acquired InterOil Corporation subsidiary companies that own refining and fuels marketing businesses in Papua New Guinea for $525.6 million, which includes adjustments for cash and working capital.
Puma Energy is a subsidiary of global trading house Trafigura. Puma Energy, which was formed in 1997 in Central America, now operates in 45 countries worldwide. It already has a strong fuel marketing presence in the Caribbean.
Under the deal, which represents Puma Energy’s first investment in Papua New Guinea, Puma will acquire InterOil’s refining business, an extensive network of fuel terminals, retail service stations and aviation facilities, becoming Papua New Guinea’s major supplier of fuel.
The acquisition will be entirely funded from Puma Energy’s existing bank facilities and available cash on balance sheet.
Puma Energy plans to use its extensive experience in fuel storage, distribution and refining to link the Papua New Guinea fuel market with its global operations.
Existing InterOil staff will be retained and the operations are intended to be managed locally.
Puma Energy directly manages over 6,700 employees. Headquartered in Singapore, it has regional hubs in Johannesburg (South Africa), San Juan (Puerto Rico), Brisbane (Australia) and Tallinn (Estonia).
Puma Energy’s core activities in the midstream sector include the supply, storage and transportation of petroleum products. Puma Energy’s downstream activities include the distribution, retail sales and wholesale of a wide range of refined products, with additional product offerings in the lubricants, bitumen, LPG and marine bunkering sectors.
