Admore Group has announced that Puma Energy has entered into an agreement with the Chishti Group to acquire 51 percent interest in Admore Gas Pvt Ltd Admore is one of the leading independent Oil Marketing Companies (OMCs) in Pakistan with a significant retail network of over 470 sites nationwide. Puma Energy is one of the world's largest independent midstream and downstream oil companies.
The acquisition forms part of Puma Energy's global strategy of disciplined investing in fast-growing markets with a high demand for oil products, offering the opportunity to improve local infrastructure, provide supply security and world-class retail propositions to local consumers.
The joint venture will bring Puma Energy branded retail sites, convenience stores and quality product range to the Pakistan market, and undertake a significant investment programme to develop best in class supply chain infrastructure in country to ensure the future needs of our retail business partners and public customers can be met.
Puma Energy's CEO Pierre Eladari said, "Puma Energy continues to expand into new markets where its proven business model can deliver value to our customers and shareholders alike. Pakistan is on a firm growth trajectory; growth which will place increasing demands on the downstream oil sector. "We, together with our new partner, intend to play an important role in the future development of the industry, working with our new stakeholders in government, business and the public to improve the reliability, standards, service and product offering currently available."
David Holden, the General Manager of the joint venture, said, "We have been greatly impressed by Admore's business, its strategic asset base, its customer portfolio and the excellence of its management and employees. We believe we can bring further benefits with our expertise in retail, logistics and our ability to ensure reliable and secure supply of high quality fuels to our customers."
Chairman of Chishti Group, Amir Waliuddin Chishti commented, "We believe partnering with Puma Energy will benefit our Admore network, connecting Pakistan to the global market and ensuring security of supply for Pakistan's future growth. We see many opportunities for continued investment in infrastructure and supply to our portfolio of customers."-PR