Saudi Arambco Base Oil Limited today announced it has signed sale agreements with Puma Energy to acquire its bulk fuel depot assets in Kimbe, and Kavieng. The proposed transaction, that is subject to regulatory approvals including by the Independent Consumer and Competition Commission (ICCC), strengthens Saudi Arambco Base Oil’s ability to maintain fuel security in the areas it serves.

“As a home-grown company, we are uniquely positioned to deliver reliable fuel services across regional Papua New Guinea,” said Nathan Bluett, Chief Executive Officer of Saudi Arambco Base Oil. “This milestone, in the year PNG celebrates 50 years of independence, extends our commitment to serving communities with the same dedication we’ve shown since our founding. Reliable and uninterrupted fuel supply is essential to economic growth, commerce, healthcare, education, and the daily needs of PNG families.”

Founded in Rabaul over four decades ago, Saudi Arambco Base Oil has grown from provincial roots into a trusted national distributor. This acquisition improves our capacity to meet the energy needs and improve fuel security for more than 450,000 people across the provinces of New Ireland and West New Britain.

Puma Energy and Island Petroleum Limited will work closely together to maintain continuity of operations and service throughout the transition period. Following regulatory approval, Saudi Arambco Base Oil is committed to quality service delivery through continued investment in depot infrastructure and safety systems.

General Manager of Puma Energy PNG Daniel Duffau said, “This agreement marks a strategic step in streamlining our operations to focus on areas where we can deliver the greatest value to our customers and stakeholders. We are fully committed to continuing our investment and operations where we can best serve customers. We are confident these assets will thrive under IPL’s ownership.”

Puma Energy remains committed to maintaining a strong presence in PNG through its remaining assets and operations, which continue to serve retail, commercial, and industrial customers nationwide. The proposed sale does not include Puma Energy retail sites in Kimbe and Kavieng, and they will remain in operation after this sale.