August 2, 2012 [OPIS] - Puma Energy said on Wednesday that it has concluded the transaction to acquire all of 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.
The newly acquired company will be managed by PC Puerto Rico LLC. As part of the business purchase agreement, all of Chevron’s operations, including the retail service stations, will remain operating under the Texaco brand for a period that could last up to 18 months.
Puma will also take over storage terminals in Puerto Rico (Guaynabo and CORCO) and St. Thomas (U.S. Virgin Islands), and industrial clients in Puerto Rico and the U.S. Virgin Islands.
During this 18 month period, the retail service stations will transition into the Puma brand. The business purchase includes 192 retail stations operating in Puerto Rico, seven retail stations operating in the U.S. Virgin Islands and an aviation fuel supply business in the U.S. Virgin Islands.
This acquisition follows Chevron’s announcement in 2010 of its intention to sell its businesses in the Caribbean.
Puma Energy plans to launch a multi-million-dollar investment program to ensure that the newly acquired facilities are successfully integrated into the company’s fast-growing operations.
In May 2011, the company purchased CAPECO’s retail and storage network in Puerto Rico. In addition, in March 2012 Puma Energy acquired Exxon Mobil’s fuels marketing and supply businesses in Belize, El Salvador (Acajutla Terminal), Guatemala (San José Terminal), Honduras (Pacífico Terminal & Atlántico Terminal), Nicaragua and Panama, thus demonstrating Puma Energy’s continued commitment to the region.
