Puma Energy sells its Paraguay business for $200mn
The global mid- and downstream oil company will try to take some pressure of its finances by selling its operations in the Latin American country.
Puma Energy is selling its business in Paraguay to a group controlled by Trafigura for $200 million.
The deal with Impala Terminals Group, a joint venture between Trafigura and IFM Global Infrastructure Fund, is another move my Puma Energy to relieve some of its debt. The mid- and downstream company’s buying spree has laid heavy pressure on its balance sheet.
After the transaction is closed in January 2020, the business will continue to be operated under the Puma Energy brand name.
“This transaction is a positive step forward in Puma Energy’s commitment to optimising our global portfolio and deleveraging our balance sheet by the end of 2020. Puma Energy continues to work closely with all partners across the Americas and remains fully committed to operations in the region,” said FitzGerald, CEO of Puma Energy.
Puma owns 186 retail sites in Paraguay as well as two fuel terminals, with storage capacity of 72.3m cubic metres, according to its website.
