Trafigura Group Pte Ltd has signed a sale and purchase agreement for the majority of Pampa Energia S.A.’s downstream assets, including over 250 service stations, the Ricardo Elicabe (BBR) refinery and a lubricants manufacturing facility in Avellaneda, Argentina, as well as a fuel storage terminal in Caleta Paula, in the province of Santa Cruz, which serves the southern region of Argentina.
This marks a further step in Trafigura’s Argentina investment programme, which already includes a fluvial fleet and the Campana Terminal which supplies the Argentinian, Paraguayan and Bolivian markets with petroleum products via the Parana River. The company is also building a rapidly growing network of retail service stations across Argentina which are being developed under the Puma Energy brand.
“Trafigura believes that the Argentine market has strong growth potential and intends to position itself as a long-term fuel supplier of choice to the country,” said Patricio Norris, co-head of Oil and Gas for Trafigura in America. “Puma Energy is a recognised brand with historical relevance in Argentina as it began its life here before expanding across the Americas. There is currently a significant shortfall in the production capacity of premium fuels in Argentina. By acquiring Pampa’s downstream assets we will be able to build our ability to offer customers high quality fuels in a reliable and competitively priced way."
The transaction is intended to close in early 2018.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/12122017/trafigura-purchases-downstream-assets/