December 19, 2019 / 12:32 AM / 19 days ago

CORRECTED-Singapore's Puma Energy to sell fuels business to Chevron Australia for $288 mln

(Corrects story from Dec 19 to say that Puma Energy’s loss was for the nine months to Sept. 30, not the year)

Dec 19 (Reuters) - Singapore’s Puma Energy, the retail and midstream arm of global commodities trader Trafigura, said on Thursday it would sell its Australian commercial and retail fuels business to Chevron Australia for A$425 million ($288 million).

Puma Energy is 49%-owned by Geneva-based Trafigura, which is under pressure to rebalance its books after a decade-long buying spree.

Trafigura last week reported its lowest annual net profit in nearly a decade after a string of losses in its physical asset portfolio.

Puma Energy was among Trafigura’s loss-making businesses, with a net loss of nearly $500 million for the nine months to Sept. 30, and was in the process of being overhauled.

Puma said its bitumen business in Australia was not part of the transaction.

$1 = 1.4736 Australian dollars Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Tom Hogue

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