KARACHI: Puma Energy, the globally integrated midstream and downstream energy company, has successfully concluded an agreement with the Chishti Group to acquire 51 per cent interest in Admore Gas Pvt Ltd (Admore).
The agreement was first announced on August 25, 2017, while its closing took place on Tuesday, October 31, 2017. The new company will be called Puma Energy Pakistan (Private) Ltd.
This joint venture has a significant retail network of over 470 sites nationwide. The acquisition will bring Puma Energy’s branded retail sites, lubricants, convenience stores and quality fuel product range to the Pakistani market. This follows Puma Energy’s previous investment in Africa, SE 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.”
Joint venture General Manager David Holden said “We have been greatly impressed by the Pakistani 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.”
“We believe partnering with Puma Energy, a well-established and recognised global brand, will benefit our retail offering and associated business network, connecting Pakistan to the global market and ensuring the security of supply for Pakistan’s future growth,” said Chishti Group Chairman Amir Waliuddin Chishti. “We see many opportunities for continued investment in infrastructure and supply to our portfolio of customers,” he added.
