Trafigura Group given clearance

THE Independent Consumer and Competition Commission (ICCC) has granted clearance to Trafigura Group Ltd for its proposed acquisition of further interest in Puma Energy Group Ltd.
Trafigura is currently the majority shareholder in Puma.
Post-acquisition means that Trafigura will have controlling interest in Puma.
ICCC commissioner and chief executive officer Paulus Ain said although both Trafigura and Puma were private companies and both incorporated in Singapore, the parties applied to the ICCC for clearance.
This was because Puma operated in Papua New Guinea through its three wholly-owned subsidiaries namely Puma Energy Bunkering PNG Ltd, Puma Energy PNG Ltd and Puma Energy PNG Refining Ltd. The operations in PNG involves oil manufacturing or refinery at Napa Napa, wholesale and retail distribution of refined petroleum products, liquefied petroleum gas and bitumen supply.
In addition, Trafigura supplies major inputs required by Puma’s refining and wholesale business both abroad and in PNG through a long-term supply arrangement.
“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 further interest in Puma.”