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

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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