Puma Energy Sells Fuels Business to Chevron Australia
Singapore's Puma Energy, the retail and midstream arm of global commodities trader Trafigura, said on Thursday it would sell its Australian commercial and retail fuels business to Chevron Australia for A$425 million ($288 million).Puma Energy is 49%-owned by Geneva-based Trafigura, which is under pressure to rebalance its books after a decade-long buying spree.Trafigura last week reported its lowest annual net profit in nearly a decade after a string of losses in its physical asset portfolio.Puma Energy was among Trafigura's loss-making businesses, with a net loss of nearly $500 million for the nine months to Sept.
Angola Hopes Reforms Will Aid Oil Assets Sales
Angola is hoping sweeping economic reforms will smooth an ambitious plan to sell key state assets, including stakes in oil company Sonangol, a share of Puma Energy and more than 100 other enterprises.Africa's second biggest oil exporter is in a rush for cash as it struggles to cope with moribund crude prices, slumping output and years of mismanagement that left Sonangol bloated and inefficient.In August, the government published an extensive list of assets that will be offered to investors via public offerings, stake sales, asset sales or tenders.The swift timeline aims for an initial public offering of Sonangol in 2022…
Puma Awards EPC Contract to McDermott
McDermott International, Inc. announced Wednesday it has been awarded a tank contract by Puma Energy (Australia) Fuels Pty Ltd for the engineering, procurement and construction (EPC) of 11 fuel tanks for an import terminal in Kwinana, Western Australia.McDermott did not specify the exact value of the work, but said the contract is worth between US$1 million and US$50 million.Onsite work is scheduled to commence in the first quarter of 2019 with completion scheduled for the third quarter of 2020, McDermott said.Ian Prescott, McDermott’s Senior Vice President for Asia Pacific…
Puma Energy Appoints New CEO
Integrated midstream and downstream oil group Puma Energy has appointed Emma FitzGerald as its new chief executive, the company said on Tuesday.FitzGerald will succeed Pierre Eladari on January 2, 2019.FitzGerald was previously an executive director at Severn Trent Water.She was also CEO of UK Gas Distribution at National Grid and held various position at Royal Dutch Shell.Trafigura owns 49 percent of Puma Energy, Sonangol has a 30 percent stake and the remainder of the shares are held by private Angolan firm Cochan.(Reporting By Julia Payne; Editing by Kirsten Donovan)
Cepsa Float Fail Could Jeopardize Other Energy Listings
The shelving of Spanish energy company Cepsa's initial public offering (IPO) may damage prospects for a string of oil-related companies planning to go public.Returning Cepsa to the Madrid stock exchange this week in a flotation valuing the firm at up to 8 billion euros ($9.3 billion) had been expected to test investor appetite for energy listings amid resurgent oil prices.But the company, owned by Abu Dhabi's Mubadala, postponed the IPO on Monday after a tough book-building process."We don't think there will be new energy IPOs for now…
Puma Energy Launches $750m 8NC3 Bond at 5%
Puma Energy launches US$750m 8NC3 at 5%. Books greater than US$2.1bn at the tight end of guidance. * Guidance at 5.125% (+/-0.125%) wpir. Size remains USD benchmark. Books over US$1.7bn (2.06pm) * IPTs 5.25% area for USD benchmark 8NC3. Puma Energy Holdings Pte. Ltd. (“Puma Energy”) rated Ba2/BB (Moody’s/Fitch) has mandated Bank of America Merrill Lynch as global coordinator, and Bank of America Merrill Lynch, ING, MUFG and Societe Generale as joint lead managers, to arrange a Global Investor Call at 10:00 UKT and 14:30 UKT on Monday, 8th January 2018.
Trafigura Buys Certain Pampa Energia Assets
Commodities trader Trafigura said it has agreed to buy an oil refinery, over 250 service stations, a lubricants plant and fuel storage terminal in Argentina from Pampa Energia SA. The sale is expected to close in early 2018, Trafigura said in a statement. Trafigura already has a retail presence in the country as well as a fluvial fleet and the Campana terminal in Argentina that delivers refined products to Bolivia and Paraguay. The transaction is worth $90 million, Pampa Energia said in a statement. The service stations will be branded Puma Energy, which is Trafigura's downstream arm.
Fuel Imports, Distribution in Puerto Rico Starts to Unclog
Shipments of gasoline and diesel into Puerto Rico have resumed after Hurricane Maria, with ports restarting operations, though there were still long fuel lines around the island on Thursday, according to traders and Thomson Reuters tracking data. Residents lined up for diesel for power generators and to fill cars with gasoline, while at least one tanker discharged at the port of San Juan as oil terminals reopened some facilities. The territory still faces logistical hurdles to distribute food, fuel and water. Critics called for more resources and a single authority to oversee relief efforts.
Vitol Bets on Retail Model as it Hopes to Grow
Vitol invests in gas stations from Turkey to Pakistan; increases presence in growing consumer markets. From Pakistan to Turkey, the world's largest independent oil trader Vitol is betting on a spike in gasoline and diesel demand in young and growing nations by snapping up filling stations that disappointed oil companies are prepared to sell. With the sharp drop in global oil prices, major integrated oil companies have been shedding assets, including the marginally profitable retail outlets, to cut costs. But privately-held Vitol, which trades 6 million barrels per day of crude oil and refined products…
First Alaskan North Slope Cude Export Planned for Nicaragua
Alaskan North Slope (ANS) crude will be shipped to Nicaragua for the first time in July, two trade sources said on Friday, underscoring a shift in oil flows to and from the U.S. West Coast. A parcel of the medium grade crude is on its way to the Pacific Area Lightering (PAL) near southern California on Exxon Mobil Corp's Liberty Bay, a U.S. flagged vessel, according to the sources and Reuters vessel tracking data. From there, it will transfer to the Liberian-flagged Panamax tanker Chantal for delivery to Nicaragua, where Swiss commodities trader Trafigura Trading LLC will take the crude…
MPPE, Puma Energy JV for Jet Fuel Distribution
Myanmar's state-owned Myanma Petroleum Products Enterprise (MPPE) has agreed to a joint venture with Puma Energy Group Pte Ltd to distribute jet fuel, the state-owned Myanma Alinn daily reported on Saturday. Last year, MPPE chose Puma Energy from a short list of four firms as its partner to distribute jet fuel amid a rise in demand from new airports and a boom in tourist arrivals. MPPE and Singapore-based Puma Energy Group signed the agreement in Myanmar's capital Naypyidaw on Friday, the daily reported. Under the agreement, the two…
Trafigura 2014 Earnings Up Sharply
Trafigura, one of the world's largest commodities traders, reported on Monday a 13 percent rise in core earnings to $1.309 billion in the fiscal year to September 2014. The trading house said gross profit rose on a like-for-like basis by 14 percent to $2.045 billion. Revenue in 2014 totalled $127.6 billion, a decrease of 0.4 percent on a like-for-like basis. In 2013, Trafigura sold shares in subsidiaries Puma Energy while in 2014 it sold its 80 percent interest in oil storage terminal in Corpus Christi, South Texas, and its bitumen business to Puma Energy. Reporting by Dmitry Zhdannikov
Puma Energy to Build Terminals, Boost Oil Sales in Asia
Puma Energy, partly-owned by Trafigura, expects to get a quarter of its revenue from the Asia-Pacific region in the next few years by building new oil import terminals and raising fuel sales volumes, a senior executive said on Thursday. The oil storage and fuel distribution company is considering building a terminal in Indonesia, while it could expand its oil products offering in Australia, the largest of its portfolio in the region. "Australia has gone through a very significant shift in the closure of refineries and is becoming one of the most important import markets for refined petroleum products…
