KARACHI: Puma Energy International, a global energy company, has signed an extended brand license agreement with Pakistan’s Chishti Group, allowing the latter to use the Puma Energy brand and name in the country, the companies said on Wednesday.
The deal reflects the growing strength of the Puma Energy brand and its appeal as a fuel retail brand in high-potential growth markets, they said in a joint statement.
"The agreement also shows Puma Energy’s optimism about Pakistan’s long-term economic prospects, as well as Puma Energy Pakistan’s ability to grow and gain more market share with quality products and services."
The Chishti Group, which runs a retail network under the Puma Energy Pakistan brand, has more than 600 retail sites across the country, including over 50 Puma branded ones. The company plans to expand the network to cover all the key retail sites as part of its growth strategy.
In addition, the Chishti Group will explore using solar energy to power Puma Energy-branded retail sites and expanding its services to liquefied petroleum gas (LPG) distribution to consumers through its growing retail network, as part of its collaboration with Puma Energy, the statement said.
The agreement was signed by Puma Energy International Chief Executive Officer Hadi Hallouche and Chishti Group Chairman Amir Chishti.
A delegation of Puma Energy International, Trafigura, a leading commodity trading company, and Puma Energy Pakistan also met with Pakistan’s Caretaker Federal Minister of Energy Muhammad Ali and discussed the country’s future outlook and the group’s commitment to the country, the statement added.
The Puma Energy followed an agreement by Saudi oil giant, Aramco to acquire a 40 percent equity stake in Gas & Oil Pakistan Limited (GO), marking the Saudi state-owned company’s foray into the Pakistani fuel retail market.
GO, a diversified downstream fuels, lubricants and convenience stores operator, is one of the largest retail and storage companies in the South Asian country.
Aramco said the deal will help secure additional outlets for its refined products and provide new market opportunities for Valvoline-branded lubricants, following its acquisition of the Valvoline Inc. global products business in Feb. 2023.
Last month, Shell Pakistan (SPL) also signed a deal with Saudi Arabia’s Wafi Energy to sell its domestic operations after Shell Global announced its exit from Pakistan in June, with the sale of 77 percent shareholding in the local business.
Wafi is a fast-growing retail gas station network and sole licensee of Shell Retail Network (Gas Stations) in the Kingdom of Saudi Arabia. Based in Riyadh, the company was incorporated in Sept. 2012, with a paid-up capital of 3 million Saudi riyals.