Singapore's Puma Energy to sell fuels business to Chevron Australia for $395.8m

📆 18/12/2019 11:23 p. m.
📰 The Straits Times

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BENGALURU (REUTERS) - Singapore's Puma Energy, the retail and midstream arm of global commodities trader Trafigura, said on Thursday (Dec 19) it would sell its Australian commercial and retail fuels business to Chevron Australia for A$425 million (S$395.8 million).. Read more at straitstimes.com.

BENGALURU - Singapore's Puma Energy, the retail and midstream arm of global commodities trader Trafigura, said on Thursday it would sell its Australian commercial and retail fuels business to Chevron Australia for A$425 million .

Puma Energy is 49 per cent-owned by Geneva-based Trafigura, which is under pressure to rebalance its books after a decade-long buying spree. Trafigura last week reported its lowest annual net profit in nearly a decade after a string of losses in its physical asset portfolio. Puma Energy was among Trafigura's loss-making businesses, with a net loss of US$500 million for the year to Sept. 30, and was in the process of being overhauled.

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