SINGAPORE, July 18 Puma Energy International, a
subsidiary of Geneva-based trader Trafigura, said it was buying
a company that will give it access to Vietnam's bitumen market
as it expands the business globally.
Puma is set to complete the acquisition of Chevron Kuo Pte
Ltd, a Singapore-based company which owns 70 percent of Chevron
Bitumen Vietnam Ltd (CBVL), it said in a statement on Wednesday.
Puma did not disclose the deal value.
"Today's acquisition is the next step in our planned
expansion in Asia as we become a global marketer of bitumen,"
Puma Energy's CEO Pierre Eladari said.
"We operate over 100,000 tonnes of bitumen storage capacity,
with plans to expand the footprint to over 200,000 tonnes within
CBVL, partly owned by U.S. oil company Chevron Corp,
imports asphalt for road building and infrastructure
developments in Vietnam, Puma said.
CBVL's Hai Phong terminal has wharf facilities with bitumen
storage capacity of 5,000 tonnes and distributes the product
around Hanoi and Ho Chi Minh City.
Puma operates bitumen terminals in Spain, Angola and central
America. The company has been on a buying spree, snapping up
assets from oil companies Chevron and BP Plc as they
divest downstream businesses to focus on oil and gas
(Reporting by Florence Tan; Editing by Himani Sarkar)