Cnergyico Pk Limited (formerly Byco Petroleum Pakistan Limited), one of Pakistan’s leading petroleum companies and largest refinery is set to acquire majority stake in Puma Energy Pakistan Private Limited (‘Puma’).
Cnergyico having one of the largest refining capacity in the country, after this acquisition would have the second largest retail fuel network based on the current number shared by OMCs in Pakistan.
In a meeting held today, Cnergyico Pk Limited’s Board of Directors haveapproved the acquisition of 57.37% shares of Puma Energy.Puma Energy runs 542 petrol pumps and owns two storage terminals in Machike, Punjab and Daulatpur, Sindh that can together store up to 10,500 MT of petroleum products.Cnergyico would be the supply backbone of the second largest amassed retail network of fuel stations in Pakistan.
“The acquisition of the majority stake in Puma Energy demonstrates our continued interest to further strengthen and diversify our business,” said Mr. Amir Abbassciy, Chief Executive Officer – Cnergyico Pk Limited,“We have made a commitment to grow, modernize, and diversify our business and the takeover of Puma Energy will help support this strategic plan.”
