Puma refurbishes Zim fuel ops

HARARE - Global integrated midstream and downstream energy company, Puma Energy, which recently acquired a 60 percent equity stake in Redan Petroleum and Sakunda, has set aside $139 million in organic capital expenditure across the world.

In Zimbabwe, Puma has a strong presence with 94 fuel service stations out of a total of 662 in Africa — second only to South Africa which has 123 service stations.

The international fuel retailer, which recorded a 21 percent gain in sales volumes, with gross profit of $816 million, in the half year to June, said the money will be put toward expanding terminals in Angola and Ghana, and smaller projects across the Americas, Asia Pacific and Africa.

In the period under review, the company increased the number of service stations to more than

2 400 driven by growth across all regions.

They also supply fuel at four domestic airports out of the 29 it operates in Africa.

Puma Energy chief finance officer Denis Chazarain said his company continues to perform into the second quarter, delivering strong gross profit and earnings before interest, taxation, depreciation and amortisation (Ebitda) while hitting yet another quarterly record in terms of sales.

“Despite global challenges and currency devaluations, our solid operating performance and working capital discipline has resulted in operating cash flows that fully financed our strategic capex and acquisitions. This stability will help us to seize on select opportunities and continue to invest in our key markets,” he said.

This was after the energy firm reported a 19 percent rise in Ebitda to $391 million for the first half of the year.

Quarterly downstream volumes were up by 18 percent to 5,3 cubic metres, from United Kingdom acquisitions and organic growth in the Americas and Asia Pacific.

Puma Energy has also announced the broadening of its team with two senior hires – a global head of retail and global head of compliance.

Alessio Torelli joins the company as global head of retail

from Eni Refining and Marketing where he was responsible for retail and smart mobility services in Italy.

Prior to this, Torelli covered several international retail roles, from innovation and development to commercial fleet, from network development to M&A in Eni and previously in Shell (from 2001 to 2011).

Andrew McClarron joins the company as global head of compliance. Previously, McClarron worked at BP (1987 – 2016) where he was responsible for every facet of the ethics and compliance programme for a number of global businesses.

“Alessio and Andrew have proven track records in their respective fields, developing outstanding operational controls in dynamic environments which are the perfect foundations for their new challenge at Puma Energy,” Puma Energy chief executive Pierre Eladari said.

“We have consistently large ambitions for Puma Energy and these roles can contribute in driving profitable growth,” he added.

Formed in 1997 in Central America, Puma Energy has since expanded its activities to over 49 countries and has achieving rapid growth, diversification and product line development.

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