Puma Energy Australia has reached an agreement to acquire Caltex Australia Ltd's bitumen business, subject to regulatory approval.
The Sydney-based bitumen business operates through an agreement with Terminals Pty Ltd who operate a purpose-built Bitumen Terminal in Port Botany, Sydney.
The deal also includes the purchase of Caltex’s 50% share in an Oxidation plant joint venture partnership with SAMI Bitumen Technologies for an oxidation and in-line blending facility which operates at the same Port Botany site.
Puma Energy Australia is acquiring access to operate through partnerships with third-parties and hence Caltex will retain their existing staff.
Puma Energy Australia General Manager Ray Taylor said the decision to acquire the bitumen business comes as the company seeks to build on its portfolio in Australia.
"Puma Energy, along with our strategic partner Trafigura, is well-placed to leverage bitumen in Australia, with significant technical experience and a strategy for trading," Mr Taylor said.
"The Australian bitumen market faces a reliance on imports after the shutdown of several refineries and we believe this asset strengthens and diversifies our position as Australian's largest independent fuel retailer."