Trafigura's Puma Energy Completes Oil Logistics Sale
11.07.2022 By TankTerminals.com - NEWS

November 7, 2022 [Reuters] – Trafigura’s Puma Energy said on Monday it had completed the sale of infrastructure assets to ITG Sarl, the parent of a Trafigura joint venture called Impala Terminals, as part of a plan to refocus the unit and reduce its net debt.

 

The sale of storage and fuel terminal facilities is part of a plan to re-focus Puma Energy into a downstream company encompassing retail, aviation, lubricants, bitumen and liquefied petroleum gas.

“This main completion has resulted in a reduction of Puma Energy’s net debt…to approximately $850 million on a pro forma basis as of 30 June 2022,” Puma said in a statement, adding that ITG could buy more assets in Q2 2023.

The value of sale was about $900 million, taking account of gross debt at the end of the second quarter of about $1.782 billion.

Puma said 19 assets in 10 countries were transferred to ITG as part of the deal, but it would keep a network of smaller terminals and storage facilities to support its downstream business.

Global commodities trader Trafigura became the majority shareholder in Puma in 2021 after buying out the stake held by Angola’s state oil firm Sonangol and Angolan firm Cochan Holdings.

Impala is a joint venture between global commodities trader Trafigura and Australia’s IFM Investors.

Pro Trial: Access 10,390 Tank Terminal and Production Facilities

Book a demo to see how to offer, bid and book tank capacity globally. Quick and easy.

Asia Spot LNG Holds Steady as Demand Weak, Inventories High
11.28.2023 - NEWS
November 28, 2023 [Hellenic Shipping News]- Asian spot liquefied natural gas (LNG) prices were li... Read More
Kutch Ports Fuel Green Hydrogen Mission
11.28.2023 - NEWS
November 28, 2023 [Businessline]- Kutch in Gujarat is a crown jewel in the port sector of not jus... Read More
Neste to Introduce Solar Power to its Porvoo Refinery
11.28.2023 - NEWS
November 28, 2023 [Neste]- Neste has signed a purchase agreement for solar power supply to its Po... Read More
Octopus Boosts Renewable Capacity Ahead of Shell Energy Deal
11.28.2023 - NEWS
November 28, 2023 [City AM]- For an undisclosed fee, Octopus Energy has bought into Ørsted’s W... Read More