Karachi December 21 2021: The Board of Directors of Cnergyico Pk Limited (Formerly Byco Petroleum Pakistan Limited) at its meeting held on 21st December 2021 has given go ahead to the management to negotiate with shareholders of Puma Energy Pakistan (Private) Limited for acquisition of its majority stake.
In November 2017, Puma Energy, the globally integrated midstream and downstream energy company, has successfully acquire 51% stake from the Chishti Group in Admore Gas Pvt. Ltd (Admore). The agreement was first announced on the 25th August 2017, and closing took place on Tuesday afternoon, 31st October 2017. The new company formed was named as Puma Energy Pakistan (Private) Ltd.
The acquisition forms part of Puma Energy’s global strategy of disciplined investing in fast-growing markets with a high demand for oil products. Thus offering the opportunity to improve local infrastructure, provide supply security and world-class retail propositions to local consumers. Our joint venture partner has a significant retail network of over 470 sites nationwide. The acquisition will bring Puma Energy’s branded retail sites, lubricants, convenience stores and quality fuel product range to the Pakistan market. This follows Puma Energy’s previous investment in Africa, SE Asia and Latin America.
About Puma Energy
Puma Energy is a global energy business, safely providing energy across six continents. Our downstream business segments include fuels, aviation, lubricants and bitumen. We have 1,998 retail sites and we are present at 107 airports. Our infrastructure business includes a network of storage terminals with a capacity of 6.7 million m3. Our purpose is energising communities to help drive growth and prosperity by sustainably serving our customers’ needs in high potential countries around the world.
Puma Energy’s Pumangol business in Angola comprised a retail network of 79 service stations, a commercial businesses serving B2B customers, with fuels, lubricants and other services, services at four airport terminals and three storages two of which are marine terminals, including the state of the art Terminal de Combustíveis da Pumangol em Luanda (TCPL) terminal in Luanda Bay.
