The $425 million deal boosts Chevron’s Australian portfolio by 360 company and retailer owned service stations, owned or leased seaboard import terminals and fuel distribution depots, as well as a commercial and industrial fuel business. Chevron will use the Puma Energy brand under licence in the near term.

Chevron has has an Australian presence for more than 60 years, through its Australian subsidiaries and operates the Gorgon and Wheatstone nature gas facilities, has a one/sixth share in the North West Shelf Venture and operates the largest on-shore oilfield in Australia at Barrow Island.

Executive Vice President for Downstream and Chemicals at Chevron, Mark Nelson, said the acquisition further strengthened the company’s presence in Australia.

“This strategic acquisition further integrates our value chain in the Asia Pacific region by providing a well-developed infrastructure for products from our Asian refining joint ventures in an attractive market,” Mr Nelson said.

“We are excited to welcome Puma Energy’s employees into the Chevron family. Once we satisfy current licensing commitments in Australia, we look forward to extending the Caltex family of brands across the continent.”

Puma’s Australian bitumen business was not included in the sale.

Puma has said it will use proceeds from the sale to pay down debt and CEO Emma FiztGerald described the sale as a “significant milestone” for the company, adding it reflected their commitment to optimising their global portfolio and creating sustainable and profitable growth in their priority markets.

“Despite the uncertainties and difficulties of operating during the pandemic emergency and market uncertainties it was completed on time, demonstrating the commitment of both parties and underlining the determined approach that Puma Energy is taking to strengthen and protect the Company’s balance sheet in line with our deleveraging commitments,” Ms FitzGerald said.

“We are pleased that the Puma Energy brand will continue under Chevron’s new ownership in Australia for the near-term. I would also like to thank Chevron for their part in successfully closing this transaction and allowing for a seamless transfer of assets that will ensure continuity of service for all our customers.”

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