UPDATE 1-Caltex Australia to sell bitumen unit to Trafigura's Puma
GENEVA Oct 15 (Reuters) - Fuel marketer Caltex Australia Ltd has entered a conditional agreement to sell its bitumen unit to Trafigura's Puma Energy, the companies said on Tuesday.
Caltex Australia, part-owned by oil major Chevron, said that it no longer considered bitumen a "core business" following a decision to close the Kurnell base oil refinery in Sydney and convert it to a terminal next year.
The agreement is the latest in a string of planned acquisitions for Puma Energy such as a deal to buy Australian fuel distributor and retailer Ausfuel from private equity firm Archer Capital in February.
Swiss trading house Trafigura has previously said it was mulling a possible listing for Puma in 2014.
The group noted that the agreement was subject to regulatory approval in an email to Reuters. No value was given for the purchase.
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