Puma Energy forms joint venture in Pakistan to increase fuel operations
Puma Energy is expanding its operations in Pakistan with the acquisition of a local fuel retailer.
Puma Energy has concluded an agreement with the Chishti Group to acquire 51% interest in Admore Gas Pvt. Ltd, a company with over 470 gas stations nationwide, to form a new joint venture, Puma Energy Pakistan.
The acquisition will bring Puma Energy’s branded retail sites, lubricants, convenience stores and fuel product range to the Pakistani market. It forms part of the global energy company’s plans to invest in fast-growing markets with a high demand for oil products.
“As Pakistan is on a firm growth trajectory; growth which will place increasing demands on the downstream oil sector, it was a natural progression for Puma Energy to expand into the region,” said Puma Energy’s CEO Pierre Eladari.
Chishti Group Chairman, Amir Waliuddin Chishti, spoke of the benefits of having a recognised global brand to ensure security of supply for Pakistan’s future growth.
The agreement was first announced on the 25th August 2017, and closing took place last Tuesday.
