Puma Energy Enters Indonesia

abarrelfullabarrelfull wrote on 11 Oct 2012 09:13
Tags: asia indonesia puma trading

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Puma Energy LLC (“Puma Energy”), the global mid and downstream energy company, announces an agreement to purchase 63.88% of PT Medco Sarana Kalibaru (“MSK”), the fuel storage and distribution subsidiary of the public-listed integrated energy company PT Medco Energi Internasional Tbk (“MedcoEnergi”). The new venture will be called PT Puma Medco Petroleum. This agreement is subject to review by the Indonesian regulatory authority.

The acquisition will add to Puma’s fast-growing Asian presence, add an additional 60 members of staff and become the 34th country worldwide that Puma operates within. Both parties are investing together in this new venture into a leading player within the industry.

The principal assets in the agreement include a fuel storage facility in Tanjung Priok International Port, North Jakarta with a 22,700 m3 storage capacity, a dedicated jetty and truck loading bays, and distribution capabilities in Kalimantan and Sumatra to serve the mining industry. Following the closing of the agreement which is expected to complete in early December 2012, the new venture company will continue the delivery of high quality fuel product, including High Speed Diesel (HSD) to clients throughout Indonesia.

Lukman Mahfoedz, President Director and CEO of MedcoEnergi, said: “We have entered into this strategic alliance designed to bring together the strengths and expertise of both companies to create the best fuel trading and distribution business in Indonesia and the surrounding region for the benefit of our customers, employees, as well as other stakeholders in the country. We hope this is the start of a broader strategic alliance between our two groups and expect to create further business opportunities for growth and employment in Indonesia.”

“We are delighted to be able to partner with MedcoEnergi in our first investment with them in Indonesia,” said Pierre Eladari, Puma Energy's Chief Executive Officer. “MSK provides Puma Energy with an existing footprint from which to invest and grow. Of particular relevance for the region is our experience in providing large volumes of high quality fuel to industry within countries with strong economic growth, but challenging infrastructures,” said Pierre Eladari.

Puma Energy has grown rapidly over the previous years through organic growth and by buying downstream assets from ExxonMobil, BP and Chevron. Each time the company has retained local staff and grown the business. On July 18 this year, Puma Energy announced its intention to acquire Chevron Kuo Pte Ltd, which owns 70% of Chevron Bitumen Vietnam Ltd. “Today’s announcement continues our growth strategy in Asia, with further developments in the pipeline,” said Pierre Eladari.

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