Pakistan: Downstream Oil Sector Puma Energy Acquires Majority Interest in Pakistan's Admore Gas
Puma Energy has signed an agreement with the Chishti Group to acquire 51 % interest in Admore Gas. The acquisition will bring the company’s branded retail sites, lubricants, convenience stores and quality fuel product range to the Pakistan market.
Karachi/Pakistan — The agreement was first announced on August 25, 2017, and closing took place on October 31, 2017. The new company will be called Puma Energy Pakistan (Private) Ltd.
The acquisition forms part of the company's global strategy of investing in fast-growing markets with a high demand for oil products. The new joint venture partner has a significant retail network of over 470 sites nationwide. This follows the oil company’s previous investment in Africa, SE Asia and Latin America.
Puma Energy’s CEO Pierre Eladari said: “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 as our proven business model can deliver value to customers and shareholders alike."
The development in retail will be underpinned by a investment programme, in order to develop supply chain infrastructure in-country, ensuring the future needs of retail business partners and public customers can be met, the company said. Together with the new partner, the company intends to play an important role in the future development of the industry in Pakistan.