BP completes $296 million sale of five African businesses to Puma

The Trafigura Group oil products marketing section of Puma Energy paid US$296 million for its various fuels marketing businesses in Namibia, Botswana, Zambia, Malawi and Tanzania. BP, Europe’s second largest oil company by market value, announced the sale of these assets in May 2010. The company said that the sale was part of a strategic review of BP’s southern African refining and marketing businesses. BP Chief Executive for Refining and Marketing, Iain Conn, explained that Puma Energy would be able to build upon the good assets and will be able to further develop them. “We are committed to developing and pursuing the significant growth potential of our businesses in South Africa and Mozambique,” Conn said. The company has also agreed to raise US$30 billion towards the end of 2011 to help augment expenses incurred in the Gulf of Mexico oil spill last April. (September 8, 2011)