UK gov’t finds Glencore fell short of business guidelines in Chad
Case centres on a 2018 toxic spill at the Badila oilfield, equivalent in volume to 34 Olympic-sized swimming pools.
Puma Energy, the struggling fuel retailer and storage firm controlled by trading house Trafigura Group Pte, is in talks to sell some infrastructure assets for as much as $1.5 billion, according to people familiar with the matter.
The company is working with an adviser as it seeks buyers for marine storage terminals in more than 30 locations, the people said, asking not to be identified as the matter is private.
Australian infrastructure specialist IFM Investors Pty is among the parties to have expressed initial interest in the assets, the people said. Deliberations are ongoing and Puma Energy could also decide to retain the assets, according to the people.
Puma Energy last year reorganized into three core business lines, one being infrastructure. “We are always looking at options to enhance our partnerships with counterparties where it makes sense to do so,” a spokesperson for Puma Energy said in response to Bloomberg queries.
A representative for IFM declined to comment.
Puma Energy has been unprofitable for years following a debt-fueled acquisition spree. Trafigura raised its stake in April by agreeing to buy Sonangol’s entire interest in the business in a $600 million deal. Since then, the commodities trader has appointed Hadi Hallouche as chief executive officer of Puma Energy.
Last month, Sandfire Resources Ltd. agreed to buy a copper mining complex in Spain from Mubadala Investment Company and Trafigura for about $1.9 billion.
(By Dinesh Nair and Andy Hoffman)
Comments
BOB HALL
And the shell game continues!