Puma Energy will sell its Angolan business and assets to Sonangol for $600m. The company, which is a subsidiary of Trafigura, will sell strategic Angolan assets to Sonangol, including its network of 79 service stations.
Other assets being sold include airport terminals in Luanda, Catumbela, Cunene and Lubango, and the Terminal de Combustíveis da Pumangol em Luanda (TCPL) terminal in Luanda Bay. In turn, Trafigura will purchase Sonangol’s shares in Puma Energy. The deals are expected to help Puma Energy reduce the size of the rights issue to $500m.
The deal will take six to eight months to complete, after which Trafigura will own more than 90% of Puma Energy, up from a 55.55% stake.
Meanwhile in Ghana, a key strategic market for Puma Energy, it has installed solar power systems and battery storage units at at 11 retail service stations and three Puma Energy terminals. In total, solar panels with a combined total capacity of 422 kWp have been installed. At 11 of the 14 sites, there is storage capacity for a total of 224 kWh.
Puma Energy aims to install solar with or without storage at no less than 75% of its owned retail sites, depots and terminals globally by 2023.