Swiss Puma Energy acquires Chevron Kuo for undisclosed fee

18 July 2012 04:02  [Source: ICIS news]

SINGAPORE (ICIS)--Switzerland-based Puma Energy has acquired Singapore’s Chevron Kuo for an undisclosed fee, the energy firm said on Wednesday.

Chevron Kuo owns a 70% stake in Chevron Bitumen Vietnam (CBVL), which imports, stores and distributes asphalt for road building and infrastructure developments in Vietnam, Puma Energy said in a statement.

The company’s Hai Phong terminal, in Vietnam's northeastern coastal area, has wharf facilities with a bitumen storage terminal that has a capacity of 5,000 tonnes, it said.

"Today’s acquisition is the next step in our planned expansion in Asia as we become a global marketer of bitumen,” said Pierre Eladari, Puma Energy's chief executive.

“Today we operate over 100,000 tonnes of bitumen storage capacity, with plans to expand the footprint to over 200,000 tonnes within five years,” Eladari added.

Puma Energy currently operates bitumen terminals in Spain, Angola and Central America.

Financial details of the acquisition were not immediately available.

By: Nurluqman Suratman

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