Puma Energy announced Thursday it has agreed to acquire Chevron’s fuel marketing and aviation businesses in Puerto Rico and the U.S. Virgin Islands. The financial terms of the deal were not disclosed.
Chevron’s businesses in both markets include: 197 Texaco-branded retail stations in Puerto Rico; seven retail stations and an aviation fuel supply business in the USVI; and fuel storage terminals in Guaynabo and St. Thomas, company officials said.
The deal is subject to regulatory approvals. The acquisition follows Chevron’s announcement earlier this year of its intention to sell these businesses.
Puma Energy plans to launch a multimillion dollar investment program once this deal is approved by the regulatory authorities, to ensure that the newly acquired facilities are successfully integrated into the company’s fast-growing operations.
“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 Dominguez, general manager of Puma Energy Caribe.
“By acquiring Chevron’s businesses, we will seek to achieve greater operational efficiencies, improving our ability to provide high quality, competitively priced fuel to all our customers.”
This acquisition marks the end of a successful year for Puma Energy in the region. In December 2010, the company agreed to purchase CAPECO’s retail and storage network in Puerto Rico.
In addition, in April 2011 Puma Energy agreed to acquire ExxonMobil’s fuels marketing and supply businesses in Belize, El Salvador, Guatemala, Honduras, Nicaragua and Panama, thus, demonstrating our continued commitment to the region.
“Taken as a whole, our investments will provide a significant economic boosts and lead to job creation while providing improved levels of service to clients, consumers and communities alike,” said Dominguez.