Cnergyico Pk Limited, formerly known as Byco Petroleum Pakistan, announced on Thursday that its board has approved the acquisition of Puma Energy Private Limited.

In a notice sent to the Pakistan Stock Exchange (PSX) on Thursday, Cnergyico said that its Board of Directors approved the acquisition of 57.37% stake in Puma Energy Pakistan Private Limited ('Puma').

Puma Energy has more than 542 retail pumps across the country with storage terminals in Punjab (Machike) and Sindh (Daulatpur) with a total storage capacity of 10,500 MT for petroleum products.

After the acquisition, Cnergyico, with one of the largest refining capacities in the country, would have the second largest retail fuel network, based on current number shared by OMCs (Oil Marketing Companies) in Pakistan, stated the company. State-owned PSO is the largest fuel retailer in the country.

“The management is optimistic that with this acquisition and expansion, the company's business diversity would further improve,” it added.

Earlier, Bloomberg reported that the deal for an approximately 57% stake in the company is valued somewhere around Rs4 billion.

Byco reports Rs8.1bn gross profit in 12 months

The company has expanded production from 13,000 barrels per day to 156,000 barrels per day and operates more than 400 retail outlets across the country.

The acquisition will add 542 fuel stations to Cnergyico’s holdings, taking its total to about 1,000 and making it the largest private-sector retailer of fuel. State-owned Pakistan State Oil has 3,500 retail stations while Shell has 766 outlets across the country.