Chevron finalizes Puma acquisition in Australia

US energy giant and LNG operator Chevron has completed the acquisition of Puma Energy’s Australian commercial and retail fuels business.

Singapore’s Puma Energy, majority-owned by Trafigura and Sonangol, sold all off shares and equity interests in the Australian business to Chevron’s downstream unit.

The deal has a price tag of A$425 million ($292 million).

The acquisition adds a network of more than 360 company-owned and retailer-owned service stations to Chevron’s Australian portfolio.

It also includes a commercial and industrial fuels business, owned or leased seaboard import terminals and fuel distribution depots .

“This strategic acquisition further integrates our value chain in the Asia Pacific region by providing a well-developed infrastructure for products from our Asian refining joint ventures in an attractive market,” said Mark Nelson, Chevron’s executive vice president for downstream and chemicals.

Chevron’s Australian unit operates the giant Gorgon and Wheatstone liquefied natural gas projects located in Western Australia.

Worth mentioning here, the company recently announced it is looking to sell its stake in the Woodside-led North West Shelf LNG venture in Australia.

Chevron made a move to start a formal marketing process for its 16.67 per cent stake in the $34 billion project after receiving bids from several buyers.

Following the announcement, Woodside’s chief executive Peter Coleman said during a conference the company would consider acquiring the stake if it deemed necessary and the price was right.

- Advertisements -

Most Popular

Hoegh LNG says Australian FSRU contract confirmed

Floating LNG player Hoegh LNG said on Friday that Australian Industrial Energy (AIE) has confirmed a long-term FSRU charter...

Tellurian: early works progress at Driftwood LNG site

US LNG firm Tellurian and compatriot engineer Bechtel are moving forward with early site works for the Driftwood LNG...

Cheniere takes FID on Corpus Christi LNG expansion project

US LNG exporting giant Cheniere said on Wednesday it has taken a financial investment decision on Stage 3 expansion...

More News Like This

Chevron to buy LNG from Venture Global under 20-year deals

US energy giant Chevron will buy liquefied natural gas from compatriot Venture Global LNG under two long-term sales and...

Cheniere pens long-term LNG supply deals with Chevron

US LNG exporter Cheniere has signed two long-term deals to supply liquefied natural gas to compatriot energy giant Chevron. Cheniere's...

Chevron plans to send East Med gas to Egypt’s LNG export plants

US energy giant Chevron has signed a preliminary deal with state-owned EGAS to send natural gas supplies from its...

Chevron says Wheatstone LNG maintenance completed

US energy giant Chevron said it has completed maintenance work at its 8.9 mtpa Wheatstone LNG plant near Onslow...