“This acquisition is one of our first steps to go deeper into Vietnam’s market and expand out business to other neighbouring countries outside Vietnam,” said Denis Chazarain, chief financial officer of Puma Energy.
“The acquisition is also another step in the development of Puma Energy and marks the company’s first expansion into Asia following rapid growth across Africa and the Americas,” Chazarain said.
Vietnam will become the 32nd country worldwide that Puma operates within. “Vietnam is seen by us of a potential country with increasing infrastructure, large population and a stable society,” he added. Chazarain declined to say how much the acquisition was worth.
Established in 1996, Chevron Bitumen Vietnam Limited imports, stores and distributes asphalt for road building and infrastructure development in Vietnam. The company’s northern Haiphong city port terminal has wharf facilities with a state-of-the-art bitumen storage terminal with a capacity of 5,000 metric tonnes and manages a bitumen distribution business around Hanoi and Ho Chi Minh City.
Puma Energy is a global marketer of bitumen with terminals in Spain, Angola and Central America, operating more than 100,000 tonnes of bitumen storage capacity with plans to expand the footprint to more than 200,000 tonnes within five years. The company is also an integrated mid and downstream oil company active in Africa, Latin America, the Caribbean, north East Europe, the Middle East and Asia.
Formed in 1997 in Central America, Puma Energy has since expanded its activities worldwide achieving rapid growth, diversification and product line development. Its core activities in the midstream sector include the supply, storage and transportation of petroleum products.
Its activities are underpinned by investment in infrastructure which optimises supply chain systems, capturing value as both asset owner and marketer of product.