Puma Energy has concluded an agreement with the Chishti Group to acquire a 51% interest in Admore Gas Pvt Ltd.
The new company will be called Puma Energy Pakistan (Private) Ltd.
The acquisition follows Puma Energy’s previous investment in Africa, South East Asia and Latin America.
Puma Energy’s CEO, Pierre Eladari, said: “As Pakistan is on a firm growth trajectory; growth which will place increasing demands on the downstream oil sector, it was a natural progression for Puma Energy to expand into the region as our proven business model can deliver value to customers and shareholders alike. Our development in retail will be underpinned by a significant investment programme, in order to develop best-in-class supply chain infrastructure in-country, ensuring the future needs of our retail business partners and public customers can be met. Together with our new partner, we intend to play an important role in the future development of the industry in Pakistan, working closely with our new stakeholders in government, business and the public.”
David Holden, the General Manager of the joint venture, said:“We have been greatly impressed by the Pakistan market, the strength of our new strategic asset base, its customer portfolio and the potential that can be realised. We believe we can bring further benefits with our global expertise in retail, logistics and our ability to ensure reliable and secure supply of high quality fuels to our customers."
Chishti Group Chairman, Amir Waliuddin Chishti, added:“We believe partnering with Puma Energy, as a well-established and recognised global brand, will benefit our retail offering and associated business network, connecting Pakistan to the global market and ensuring security of supply for Pakistan’s future growth. We see many opportunities for continued investment in infrastructure and supply to our portfolio of customers.”
Read the article online at: https://www.hydrocarbonengineering.com/refining/03112017/puma-energy-expands-into-pakistan/