Puma Energy, the integrated midstream and downstream energy company, today announced it has signed a sales and purchase agreement with BP Australia to buy its Australian bitumen business.
The completion of the transaction is subject to regulatory approvals.
Puma Energy is a major player in the global bitumen market. Puma Energy is one of the largest traders of bitumen with a worldwide distribution and marketing network. This includes owning and operating one of the world’s largest bitumen vessel fleets.
Puma Energy Australia General Manager Ray Taylor said the decision to acquire the bitumen business came at a time when the Australian bitumen market was going through transition.
"The Australian bitumen market is increasingly reliant on imports after the shutdown of several refineries. Our global supply and distribution network, and our fleet of vessels, ensure supply security and enable us to source high quality and competitively priced products for our customers,” said Mr Taylor.