Puma Energy Delivers First Bitumen to Nigeria

Puma Energy, a global mid and downstream energy company, has announced the delivery of its first cargo of bitumen to its terminal located in Calabar, Cross River State, under a joint venture with WABECO Petroleum Ltd, registered as P.E. Bitumen Resources (Nigeria) Limited.

According to a weekend statement by Puma Energy, the cargo was delivered by MT Acacia Rubra, which completed discharge early this month.

According to the statement, the delivery comes at a critical time to assist the federal government’s effort in rebuilding its road infrastructure which is a catalyst for the country’s economic development.

Puma Energy’s Global Head of Bitumen, Olof Klintholm, said the feat was a very important milestone for Puma Energy Bitumen.

“Nigeria is a key focus market for us as we keep building our global presence and it shows we can deliver Bitumen on specification and on time anywhere across the world,” Klintholm added.
According to Klintholm, Puma Energy looks forward to working with construction companies in delivering high quality bitumen to their projects around Nigeria.

Puma Energy has the world’s largest system of Bitumen ships and terminals, offering customers globally a wide range of products that meet local specification requirements at a competitive price.

The company has also helped to deliver new and safer roads in many countries around the world by assisting governments, highway agencies and construction companies in sourcing and supplying the bitumen they need for major construction works.

The company recently announced results for the first quarter of 2016 where it recorded 21 per cent increase in sales volumes supporting gross profit growth, while earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (EBITDAX) rose by 19 per cent, with contained operating expenses.

It also recorded solid operating cash flows of $ 487million, reflecting good performance and disciplined working capital management with capital expenditure (Capex) of $326 million, financed by operating cash flows.

Net debt decreased, reducing leverage multiple to 2.9 times, in line with stated capital structure, while in May 2016, refinanced and increased the revolving credit facility to $1.55 billion.

Other operational highlights include: $139 million in organic capex put toward expanding terminals in Angola and Ghana, and smaller projects across Americas, Asia Pacific and Africa, with number of service stations increasing to over 2,400, driven by growth across all regions.

“Puma Energy continues to perform into the second quarter, delivering strong gross profit and EBITDA while hitting yet another quarterly record in terms of sales. Despite global challenges and currency devaluations, our solid operating performance and working capital discipline has resulted in operating cash flows that fully financed our strategic capex and acquisitions. This stability will help us to seize on select opportunities and continue to invest in our key markets,” commented Chief Financial Officer, Denis Chazarain.