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Chevron buys Australia’s Puma Energy for nearly $300m

Chevron Corp. built the Wheatstone liquefied natural gas project in Australia at a cost of $29 billion. (Chevron)
Chevron Corp. built the Wheatstone liquefied natural gas project in Australia at a cost of $29 billion. (Chevron)

U.S. energy giant Chevron will buy Australia’s Puma Energy for about $292 million to provide more fuel distribution support in the Asia-Pacific region.

Chevron, which has a large refining presence in Asia and large liquefied natural gas hubs in Australia, will scoop up Puma’s network of 100 storage terminals, 3,000 retail fueling sites and its roughly 8,000 employees, including regional locations in Singapore, Estonia, South Africa and Puerto Rico.

“The acquisition will provide Chevron with a stable market for production volumes from our refining joint ventures in Asia and create a foundation for sustainable earnings growth,” said Mark Nelson, Chevron’s executive vice president for downstream and chemicals. “It will build on Chevron’s strong history of partnership in Australia and our global experience in fuels and convenience marketing and supply.”

The deal is expected to close in mid-2020.

This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.

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