Sonangol Will Take Over Puma Energy’s Assets in Angola
04.19.2021 - NEWS

April 17, 2021 [Petrol Plaza] – The Angolan company will control 79 sites, airport terminals and a fuels terminal in Luanda Bay in a deal worth $600 million.

 

Puma Energy, Trafigura and Sonangol have announced the signing of a series of agreed transactions that will see the Angolan company take over all the national business.

Trafigura will first purchase from Sonangol its entire shareholding in Puma Energy for the sum of US$600 million. Puma Energy will then sell its Angolan business assets for the same amount. This includes the acquisition of the Pumangol retail network of 79 service stations, airport terminals and marine terminals, including the state of the art Terminal de Combustíveis da Pumangol em Luanda (TCPL) terminal in Luanda Bay.

These transactions enable Puma Energy to reduce the size of the rights issue to raise US$500m from rights already subscribed for by Trafigura and a small number of minority shareholders. Puma Energy will use the proceeds of the rights issue and sale of its Angolan business to repay its outstanding 2018 Term Loan Facility and to provide a sound financial basis to continue to accelerate its growth plans.

Puma Energy entered Angola in 2004 as a partner for Sonangol, Angola’s national oil company, and currently operates four businesses in the country: Pumangol Retail (petrol station network); Pumangol B2B (direct seller of fuels to the industry); Pumangol Bunkering (bunkering of vessels); and AngoBetumens (bitumen storage and distribution).

“Puma Energy has operated in Angola for many years. I would like to thank our employees and partners there for all of the hard work and commitment they have shown building a successful business serving communities across the country,” said René Médori, Chairman of Puma Energy.

Puma Energy has around 2,900 retail sites across the world, a presence at over 80 airports and a network of storage terminals.

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