Puma Energy has agreed to acquire Chevron’s fuel marketing and aviation businesses in Puerto Rico and the US Virgin Islands.

abarrelfull wrote on 09 Dec 2011 07:24
Tags: chevron deal downstream puma

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Puma Energy has agreed to acquire Chevron’s fuel marketing and aviation businesses in Puerto Rico and the US Virgin Islands.

Chevron’s businesses in both markets include:

185 retail stations in Puerto Rico;
7 retail stations in the US Virgin Islands;
An aviation fuel supply business in US Virgin Islands; and
Storage terminals at Guaynabo (Puerto Rico) and St Thomas (US Virgin Islands).
The deal is subject to regulatory approvals. The acquisition follows Chevron’s announcement earlier this year of its intention to sell these businesses.

Puma Energy plans to launch a multimillion dollar investment programme once this deal is approved by the regulatory authorities, to ensure that the newly acquired facilities are successfully integrated into the company’s fast-growing operations.

“This deal further confirms Puma Energy’s long-term commitment to Puerto Rico and our standing as one of the region’s largest investors,” said Victor Dominguez, general manager of Puma Energy Caribe.

“By acquiring Chevron’s businesses, we will seek to achieve greater operational efficiencies, improving our ability to provide high quality, competitively priced fuel to all our customers.”

This acquisition marks the end of a successful year for Puma Energy in the region. In December 2010, the company agreed to purchase CAPECO’s retail and storage network in Puerto Rico. In addition, in April 2011 Puma Energy agreed to acquire ExxonMobil's fuels marketing and supply businesses in Belize, El Salvador, Guatemala, Honduras, Nicaragua and Panama, thus, demonstrating our continued commitment to the region.

“Taken as a whole, our investments will provide a significant economic boosts and lead to job creation while providing improved levels of service to clients, consumers and communities alike” said Mr Dominguez.

The financial value of the Chevron deal has not been disclosed.

• Puma Energy has agreed to acquire Chevron’s fuel marketing and aviation businesses in Puerto Rico and the US Virgin Islands.

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