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Cnergyico to acquire majority stakes in Puma Energy

Puma Energy

Image: File

KARACHI: The board of directors of Cnergyico Pk Limited has approved to acquire a 57.37 per cent stake in the Puma Energy Pakistan Private Limited, a bourse filing said on Thursday.

Having one of the largest refining capacities in the country, Cnergyico after this acquisition would have the second largest retail fuel network, based on current numbers shared by oil marketing companies (OMCs) in Pakistan, it added.

Puma Energy has more than 542 retail pumps across the country with storage terminals in Punjab (Machike) and Sindh (Daulatpur) with a total storage capacity of 10,500 tonnes for petroleum products.

In a letter to the Pakistan Stock Exchange (PSX) in December 2021, Cnergyico (formerly known as Byco Petroleum) informed that the company’s management will negotiate with shareholders of Puma Energy for the acquisition of a majority stake.

The management of Cnergyico is optimistic that with this acquisition and expansion, the company’s business diversity would further improve.

Cnergyico Pk Limited, an energy company, engages in the oil refining, and petroleum marketing and logistics businesses in Pakistan. It operates in two segments, Oil Refinery Business and Petroleum Marketing Business.

The company offers liquid fuels, including gasoline, high speed diesel, jet fuel, ultra-winterised diesel, furnace oil, and bunker fuel; gaseous fuels, such as compressed natural gas (CNG) and liquefied petroleum gas (LPG); and lubricants.

It also provides light and heavy naphtha, high-octane blending components, and kerosene. In addition, the company operates 415 retail outlets; two refineries with an aggregate rated capacity of 155,000 barrels per day; and crude oil storage tanks.

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