Puma closes acquisition of Chevron’s assets in P.R., USVI
Six months after announcing its acquisition of Chevron’s fuel marketing and aviation businesses in Puerto Rico and the U.S. Virgin Islands for an undisclosed amount, Puma Energy confirmed Tuesday it has wrapped the transaction.
The new company will be managed by PC Puerto Rico, LLC. As part of the purchase agreement, all of Chevron’s operations, including the retail service stations, will remain operating under the Texaco brand for a period that could last up to 18 months, as they are re-branded as Puma.
“This deal further confirms Puma Energy’s long-term commitment to Puerto Rico and our standing as one of the region’s largest investors,” said Víctor Domínguez, general manager of Puma Energy Caribe, LLC.
Puma’s purchase includes: 192 Texaco retail service stations operating in Puerto Rico; seven stations in the USVI; an aviation fuel supply business in the USVI; storage terminals in Puerto Rico (Guaynabo and CORCO) and St Thomas; and industrial clients in Puerto Rico and the USVI.
“By acquiring Chevron’s businesses in these markets, we will seek to achieve greater operational efficiencies, improving our ability to provide high quality, competitively priced fuel to all our customers,” Domínguez said.
Next on Puma Energy’s agenda are plans to launch an investment program to ensure that the newly acquired facilities are successfully integrated into the company’s fast-growing operations.