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Puma Energy to sell retail assets

Puma Energy’s owner, commodities trader Trafigura, is looking to offload assets which may include its petrol station network in Australia.

The company has hired consulting firm McKinsey and plans to restructure and sell assets to cut its debt and improve profits, according to news agency Reuters.

As one of Australia’s largest independent fuel retail chains, Puma Energy’s network includes 360 retail fuel sites, 222 stores, 81 restaurant/cafes and 60 truck stops as well as a large fuel transport business.

Puma Energy has 3% to 4% of the Australian fuel retailing market.

British-based EG Group, which bought the Woolworths fuels business last year for $1.2 billion, has been tipped as possible bidder.

Puma Energy has only been doing business in Australia since 2013 when it acquired Archer Capital’s Ausfuel.

Puma Energy Australia declined to comment.

The news follows a shake-up in fuel retailing at other large fuel network owners, including Caltex who this month announced the sale of seven petrol stations in Melbourne.

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