Puma Energy plans to increase its market share in the South African fuel sector from the current 3 % to 8 % by 2021, irrespective of whether it acquires assets from oil multinationals, IOL Business Report informed.
The CEO of Puma Energy, Pierre Elardari said : “We import our [refined fuel] products, so we are quite skilled in building logistics and connecting with the international markets,” The Australian Business Review reported.
While it had entered other markets in Africa through acquisition of disposed assets of oil majors, Puma opted to acquire small oil companies in South Africa, because the big oil firms were not selling their assets. “These acquisitions gave us between 2.5 % and 3 % market share. The idea now is to grow aggressively. We are looking at investing heavily,” Elardari added.