The Independent Consumer and Competition Commission has granted clearance to Trafigura Group Pte Limited for its proposed acquisition of further interest in Puma Energy Group Pte Limited.
Trafigura currently is 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 are private companies both incorporated in Singapore.
The parties applied to the ICCC for clearance because Puma operates in Papua New Guinea through its three subsidiaries; Puma Energy Bunkering PNG Limited, Puma Energy PNG Ltd and Puma Energy PNG Refining Ltd.
The operations in PNG involve oil manufacturing or refinery at Napa Napa, wholesale and retail distribution of refined petroleum products, LPG 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.
Mr Ain said based on available information, the ICCC is of the view that Trafigura, Puma and their PNG subsidiaries have relationship in terms of supply and procurement of the products identified.
ICCC adds that there is no information available to them suggesting a common market (customer) where they are all supplying separately to in PNG that can be considered as a relevant market for likely competition assessment.
“The proposed acquisition will only result in the change of ownership and controlling interest within Puma. Hence, this would not have any serious competition effects on the overall structure of the markets in PNG, if any,” Mr Ain said.
As per discussions and considerations based on available information, the ICCC is satisfied that the proposed acquisition of further interests in Puma by Trafigura will not affect 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.”