Trafigura’s Puma Energy said it had completed the sale of infrastructure assets to ITG Sarl, the parent of a Trafigura joint venture called Impala Terminals, as part of a plan to refocus the unit and reduce its net debt.
The sale of storage and fuel terminal facilities is part of a plan to re-focus Puma Energy into a downstream company encompassing retail, aviation, lubricants, bitumen and liquefied petroleum gas.
“This main completion has resulted in a reduction of Puma Energy’s net debt…to approximately $850 million on a pro forma basis as of 30 June 2022,” Puma said in a statement, adding that ITG could buy more assets in Q2 2023.
The value of sale was about $900 million, taking account of gross debt at the end of the second quarter of about $1.782 billion.
Puma said 19 assets in 10 countries were transferred to ITG as part of the deal, but it would keep a network of smaller terminals and storage facilities to support its downstream business.
Global commodities trader Trafigura became the majority shareholder in Puma in 2021 after buying out the stake held by Angola’s state oil firm Sonangol and Angolan firm Cochan Holdings.
Impala is a joint venture between global commodities trader Trafigura and Australia’s IFM Investors.
Source: Reuters.com