Puma Energy Announces Joint Venture With Chishti Group in Pakistan
KARACHI, Pakistan, August 25, 2017 /PRNewswire/ --
We are pleased to announce that Puma Energy has entered into an agreement with the Chishti Group to acquire 51% interest in Admore Gas Pvt. Ltd (Admore).
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Admore is one of the leading independent Oil Marketing Companies (OMCs) in Pakistan with a significant retail network of over 470 sites nationwide. Puma Energy is one of the world's largest independent midstream and downstream oil companies. The acquisition forms part of Puma Energy's global strategy of disciplined investing in fast-growing markets with a high demand for oil products, offering the opportunity to improve local infrastructure, provide supply security and world-class retail propositions to local consumers.
The joint venture will bring Puma Energy branded retail sites, convenience stores and quality product range to the Pakistan market, and undertake a significant investment programme to develop best-in-class supply chain infrastructure in-country to ensure the future needs of our retail business partners and public customers can be met.
Puma Energy's CEO Pierre Eladari said "Puma Energy continues to expand into new markets where its proven business model can deliver value to our customers and shareholders alike. Pakistan is on a firm growth trajectory; growth which will place increasing demands on the downstream oil sector. We, together with our new partner, intend to play an important role in the future development of the industry, working with our new stakeholders in government, business and the public to improve the reliability, standards, service and product offering currently available."
David Holden, the General Manager of the joint venture, said "We have been greatly impressed by Admore's business, its strategic asset base, its customer portfolio and the excellence of its management and employees. We believe we can bring further benefits with our expertise in retail, logistics and our ability to ensure reliable and secure supply of high quality fuels to our customers."
Chishti Group Chairman, Amir Waliuddin Chishti commented: "We believe partnering with Puma Energy will benefit our Admore network, connecting Pakistan to the global market and ensuring security of supply for Pakistan's future growth. We see many opportunities for continued investment in infrastructure and supply to our portfolio of customers."
About Puma Energy
Puma Energy is a global integrated midstream and downstream oil company active in close to 47 countries. Formed in 1997 in Central America, Puma Energy has since expanded its activities worldwide, achieving rapid growth, diversification and product line development. The company directly manages over 8,000 employees. Headquartered in Singapore, it has regional hubs in Johannesburg (South Africa), San Juan (Puerto Rico), Brisbane (Australia) and Tallinn (Estonia).
Puma Energy's core activities in the midstream sector include the supply, storage and transportation of petroleum products. Puma Energy's activities are underpinned by investment in infrastructure which optimises supply chain systems, capturing value as both asset owner and marketer of product. Puma Energy's downstream activities include the distribution, retail sales and wholesale of a wide range of refined products, with additional product offerings in the lubricants, bitumen, LPG and marine bunkering sectors. Puma Energy currently has a global network of over 2,500 retail service stations. Puma Energy also provides a robust platform for independent entrepreneurs to develop their businesses, by providing a viable alternative to traditional market supply sources.
For further information visit: http://www.pumaenergy.com
About Chishti Group
Chishti Group is a renowned Pakistani conglomerate with a diversified business presence across several industry sectors including Healthcare, Education, Financial Services and Oil marketing. The current annual revenue of the Group is above USD 150mn with an employee base of 3,000. In the healthcare and education sectors, the group is successfully running (i) a 300-bed tertiary care hospital providing healthcare facilities, and (ii) the accredited educational institution which is awarding degree programs in MBBS, BDS, Post Graduate and Nursing care. Its full service brokerage business is a leading player in the Equity, Fixed income and Money Market business and is ranked among the top ten in the country. Having transformed and turned around three loss making businesses (due to its strong commitment with the country, excellent human capital and unmatched business execution capability), the group acquired Admore in 2014. Since then, with over 470 retail outlets, Admore has witnessed a significant improvement in terms of supply, storage and corporate governance in a very short period of time.
SOURCE Puma Energy
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