Global oil firm Puma enters Ghana’s fuel storage, retail market riding on local partnerships

Puma Energy has officially commenced operations in Ghana. The mid and downstream oil company, majority-owned by the Dutch Trafigura and the Angolan Sonangol Group, entered Ghana’s fuel and storage markets after securing partnerships with two local firms.

The Singapore-headquartered firm partnered with Blue Ocean Investments for the storage business and UBI Petroleum for the fuel retail business.

“Puma Energy seeks to build infrastructure and make affordable fuel available to consumers through its growing retail network of over 40 stations,” said Christophe Zyde, Puma Energy Africa chief operating officer.

“Not only does this stimulate economic growth by connecting urban and rural areas, it gets people, goods, trade and industry moving.

He explained that the company’s partnerships with local firms was aimed at increasing the fuel storage capacity of Ghana, enhance efficiency and boost economic growth.

Puma Energy says it has been supporting Ghana’s fuel industry for close to 10 years through the construction and operation of the Certainty-Based Marketing (CBM) import system used to import all crude and most fuel products into Ghana. More recently, Puma Energy, through Blue Ocean Investments, has built three new storage terminals at Kotoka International Airport (KIA), Tema Ridge and Takoradi.

At the KIA aviation fuel depot, Puma Energy added storage capacity of 10,000m³ to the existing 750m³ depot. A further 15,000m³ of storage of aviation fuel was added at the Tema Ridge depot, while a capacity of 32,000m³ was added to the new Takoradi Terminal.

Puma Energy had in February announced plans to expand its operations in Africa. The company which is already active in over 45 countries across five continents, said it was planning to build new storage facilities and terminals as demand for refined products grow in Africa. It said the expansion included entering the South African market with 123 retail stations.

The firm which entered the African market in 2002 has continued to expand its business on the continent, and is now regarded as the fastest growing, independent mid- and downstream oil provider on the continent. Puma Energy has invested over $2 billion in Africa since 2002. Last year alone, it added 350 million litres of storage capacity to the 900 million litres it already had in the region.