Reuters logo
Puma Energy says to build terminals, boost oil sales in Asia
April 24, 2014 / 4:01 PM / 4 years ago

Puma Energy says to build terminals, boost oil sales in Asia

* Considers building a terminal in Indonesia

* A lot of room to grow in Australia

SINGAPORE, April 24 (Reuters) - Puma Energy, partly-owned by Trafigura, expects to get a quarter of its revenue from the Asia-Pacific region in the next few years by building new oil import terminals and raising fuel sales volumes, a senior executive said on Thursday.

The oil storage and fuel distribution company is considering building a terminal in Indonesia, while it could expand its oil products offering in Australia, the largest of its portfolio in the region.

“Australia has gone through a very significant shift in the closure of refineries and is becoming one of the most important import markets for refined petroleum products,” Robert Jones, Puma Energy Chief Operating Officer, Asia Pacific and Middle East told reporters at a briefing.

“We’re the largest independent (in Australia) but still nowhere near the same size as the smallest major, so that tells you that there’s a lot of room to grow in that market.”

The Middle East and Asia Pacific account for 15-16 percent of the company’s revenue, which is expected to grow to a quarter over the next few years, he said. He declined to provide sales volumes projections.

Africa accounts for half of Puma’s revenue, while Latin America, where the company started, contributes a quarter.

Puma bought oil retailer Ausfuel last year and is building an oil import terminal in Mackay, northern Queensland that will supply fuel to its mining customers. It also bought Caltex Australia Ltd’s bitumen business.

“The businesses we acquired were focused on particular geographies and particular market segments, whereas our business model is much more diverse. With the integration into the Trafigura supply system, we think we can be much more competitive as well,” Jones said.

Commodities trading giant Trafigura, which owns about 48 percent of Puma, supplies around 60 percent of Puma’s oil product needs. Angolan state oil firm Sonangol owns 30 percent, while the remainder is held by private investors and employees.

Puma’s global sales volume hit 13.1 million cubic metres in 2013, up from 8.9 million cubic metres a year earlier. Jones declined to give projections for the firm’s revenue and sales.

In Indonesia, the company will be announcing further investments in the next few months, including an oil storage terminal in Balikpapan to import oil for mining customers in Kalimantan, Jones said.

The company has expanded quickly in the past couple of years by acquiring fuel marketing and distribution businesses from major oil companies such as Exxon Mobil, BP and Chevron Corp in Central America, Africa and Asia. (Reporting by Florence Tan; editing by Keiron Henderson)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below