Puma Energy buys BP’s Southern African fuel marketing businesses
Puma Energy has signed a deal to acquire BP’s fuel marketing businesses in Botswana, Namibia and Zambia. Puma Energy has also agreed to buy BP’s 50% interest in each of BP Malawi and BP Tanzania, subject to the pre-emption rights of BP’s co-shareholders (Press Corp. Ltd. in Malawi and the Government of Tanzania in Tanzania). As part of the deal, Puma Energy is entering into a long-term deal with Castrol for the marketing of lubricants in the region.
Puma Energy was formed in 1997, and has grown rapidly to become one of the largest independent downstream companies. Headquartered in Switzerland, Puma Energy now operates in 25 countries worldwide. Puma Energy is a subsidiary of Trafigura Beheer B.V.
Puma Energy first entered the African downstream sector in Congo in 2002, before expanding into Ghana, Mozambique, Nigeria, Ivory Coast, DRC and Angola. In developing this business, Puma Energy has become one of the largest investors within the sub-Saharan downstream sector, frequently in strategic partnership with governments, national oil companies and independents.
Puma Energy’s joint venture partner, Sonangol (Sociedade de Combustíveis de Angola), Angola’s state-owned petroleum company, will take a 10% stake in the acquired businesses.
Puma Energy has agreed to pay a total of $296 million in cash, subject to certain post-completion price adjustments, for all of BP’s interests in BP Namibia (100% share), BP Botswana (100%), BP Zambia (75%), BP Malawi (50%), and BP Tanzania (50%). The sale in each country is subject to different regulatory approvals. It is expected that sale of BP Botswana will complete in 2010 with completion in the other countries to take place in 2011.
The newly acquired businesses will add 188 fuel service stations, 11 fuel storage terminals, a range of mining key accounts, an aviation fuel business with a presence at 22 airports to the Puma Energy portfolio and will add some 402 new colleagues to the global business. Over a short period of time, the BP brand will be replaced by the Puma Energy brand in these businesses.
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