Monday, May 22, 2017

Puma Energy
Puma Energy Asia Sun (PEAS), ma­jority owned by oil company Puma Energy, opened its $92 million petroleum product stor­age facility at the Thilawa industrial port, as it seeks to consolidate its position in the fuel-hungry devel­oping market.

The country's “larg­est” and “most modern” refined products import terminal will enable ships carrying up to 50,000 tones of petroleum prod­ucts to unload directly at the facility via Thilawa's river port, a crucial junc­ture for Myanmar's devel­opment.

“This is an opportunity for us [PESA] to connect Myanmar and the fuel needs of the country with an international system, so the principle benefits will be the fact that we can bring in competitive­ly priced supply into the country,” David Holden, General Manager of Puma Energy Asia Sun, told My­anmar Business Today.


“The PEAS terminal at Thilawa can handle up to 30 percent of the coun­try's fuel needs.”
We can do that because of our links into the in­ternational supply world but also due to the large infrastructure investment at Thilawa... we have both the tankage and the jetty which will allow us to bring in vessels which are larger than those being brought in to date.”

The facility will store a range of petroleum prod­ucts including jet fuel, commercial fuel, heavy oil and bitumen and has a total storage capacity of 91,000 cubic meters. Myanmar's energy in­frastructure was left to crumble under decades of isolationist military rule, creating energy shortages and hampering economic development.

“The investment that we've made in Myanmar is very much directed at the Myanmar market and making a contribution to the economic develop­ment of Myanmar…”
“In the future let us see whether there's a role to play regionally, but that's not the primary focus of this investment.”

While to date, PEAS only has a license to store petroleum products in Myanmar, Holden says, the company is buoyed by the new investment law, enacted April 1, which could pave the way for domestic expansion into retail and logistics.

“If you look at Puma globally we believe we've got exciting propositions in retail, B2B, power gen­eration and in lubricants... we hope that [the new in­vestment law] gives us at least a path to be able to participate in those busi­nesses,” he said.

In addition to the com­pany's almost $100 mil­lion investment at Thila­wa, in 2015 PEAS made a $75 million investment in a joint venture with state-owned Myanmar Petrole­um Products Enterprise, for the supply of jet fuel to domestic and charter airlines.

“Puma has had the fore­sight to identify Myanmar as an emerging market two or three years ago... and we were prepared to deploy capital so we could run our business in the country,” said Holden.
Hopefully that will give us an advantage over oth­ers who are looking at en­tering Myanmar.”

Source>>>MyanmarBusinessToday

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