Photo credit: Trafigura Group Pte. Ltd. (2020)
Trafigura Group Ltd has received approval from the Independent Consumer and Competition Commission (ICCC) for its planned acquisition of an additional interest in Puma Energy Group Ltd.
Puma is now controlled by Trafigura, which owns the majority of the company, and will have a majority stake in Puma after the takeover.
While Trafigura and Puma were both private entities registered in Singapore, the parties applied to the ICCC for approval, according to ICCC commissioner and chief executive officer Paulus Ain.
This was due to Puma's three wholly-owned subsidiaries in Papua New Guinea, Puma Energy Bunkering PNG Ltd, Puma Energy PNG Ltd, and Puma Energy PNG Refining Ltd. Oil refining or refinery at Napa Napa, wholesale and retail distribution of refined petroleum goods, liquefied petroleum gas, and bitumen production are also part of the activities in PNG.
Trafigura also provides significant inputs to Puma's refining and wholesale businesses, both abroad and in PNG, under a long-term supply agreement.
“The proposed acquisition will only result in the change of ownership and controlling interest within Puma,” Ain said. “Hence, this would not have any serious competition effects on the overall structure of the markets in PNG, if any. Based on available information the ICCC wishes to inform all concerned parties that the ICCC is satisfied that the proposed acquisition of further interests in Puma by Trafigura will not have, and will not be likely to have, the effect of substantially lessening competition in any market(s) in PNG. The ICCC, therefore, has granted clearance to Trafigura to proceed with its proposal to acquire a further interest in Puma.”
Reference:
The National. 24 May 2021. “Trafigura Group given clearance”.
