SYDNEY: Chevron Australia Downstream Pty Ltd, a wholly-owned subsidiary of Chevron Corporation, has signed a conditional Share Sale Agreement with Puma Energy Asia Pacific B.V. to acquire all shares and equity interests of Puma Energy (Australia) Holdings for $425 million.
Puma Energy is the tenant of 57% (by gross income) of the properties owned by APN Convenience Retail REIT.
“The acquisition will provide Chevron with a stable market for production volumes from our refining joint ventures in Asia and create a foundation for sustainable earnings growth,” Mark Nelson, Chevron’s executive vice president for Downstream & Chemicals, said in a statement from San Ramon, California.
Puma chief executive Emma FitzGerald said the sale, which excludes the bitumen business in Australia, reflected the company’s commitment to “optimise our global portfolio and deleverage our balance sheet” by the end of 2020.