Puma caps buy of Chevron in PR, USVI
The assets include 192 Texaco-branded retail service stations, an aviation fuel supply business in the Virgin Islands, and storage tanks in Puerto Rico and St. Thomas, whose total capacity is around 430,000 barrels.
The acquisition will boost Puma’s network of gas stations in Puerto Rico to nearly 350. Plans call for Texaco stations on the island to be rebranded under the Puma logo over the next 18 months.
CARIBBEAN BUSINESS first reported on the sale in December. The terms of the deal were not released.
Chevron had sought a buyer for the assets since early in 2011.
Puma, unit of Europe-based commodities trading giant Trafigura, has said it planned to expand the facilities once the deal was approved by regulators.
Swiss oil company Puma Energy Caribe has been building its fuel distribution business in the Caribbean and Latin America since 2010. It opened its first gas stations in Puerto Rico after buying Caribbean Petroleum Corp.’s (Capeco) fire-damaged depot in Bayamón along with 147 Gulf-branded service stations through a court-ordered bankruptcy sale. Puma has also acquired storage and fuel distribution from Exxon Mobil throughout Central America.
U.S. oil major Chevron announced in June 2011 it was leaving Puerto Rico and planned to sell its 187 Texaco stations across the island.
The Texaco brand has been in the U.S. Caribbean territory since 1911, and it currently has 75 employees.
In 2010, the company issued a statement saying it would sell its fuels marketing and aviation business in other Caribbean islands including Barbados, Antigua and Martinique to Vitogaz SA., a subsidiary of France-based RUBIS.
The restructuring is aimed at saving money and strengthening more lucrative markets, the company has said. Chevron is based in San Ramon, California. Texaco became a wholly owned subsidiary of Chevron in 2001.