DOWNSTREAM FUEL COMPANY
Global player Puma Energy breaks majors’ hold with alternative supply
As General Motors exits SA after being in the country since 1926, integrated global fuel company Puma Energy is just getting started. It arrived in force in 2015, when it set up shop in Sandton, buying up several smaller domestic fuel resellers. The group, with roots in Argentina dating to 1920, is now in 19 African countries, starting in the Republic of Congo in 2002. It is 48%-owned by Trafigura, a global minerals and metals commodities-trading business, and 30% by Sonangol, the Angolan state oil and gas company. Puma has bought up oil and gas major BP’s assets in six African states since 2010, with Africa now contributing up to 40% of the group’s bottom line, says Jonathan Molapo, chief operating officer for Africa. "Africa is very simple — we don’t get involved in politics," he says. "The government of the day is the government of the day." But he says the group is committed to high standards of corporate governance. The integrated midstream and downstream oil company is active ...
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