Puma Energy, the Australia’s largest independent fuel operator has announced the completion of the acquisition of Caltex Australia Ltd’s bitumen business.

The Sydney-based bitumen business operates through an agreement with Terminals Pty Ltd who operate a purpose-built Bitumen Terminal in Port Botany, Sydney.

The acquisition will complement Puma Energy’s bitumen supply, storage and distribution capacities, following investment already made in Africa, SE Asia and Latin America, and will leverage Puma Energy’s strategic partnership with global commodity trading firm Trafigura.

Puma Energy Australia General Manager Ray Taylor said the decision to acquire the bitumen business comes at an important time for the Australian fuel industry.

“The Australian bitumen market faces a reliance on imports after the shutdown of several refineries and we believe this asset strengthens and diversifies our position as Australia’s largest independent fuel retailer,” Taylor said.

“Puma Energy, along with our strategic partner Trafigura, is well-placed to leverage bitumen in Australia, with significant technical experience and a strategy for trading.”

The deal also includes the purchase of Caltex’s 50% share in an Oxidation plant joint venture partnership with SAMI Bitumen Technologies for an oxidation and in-line blending facility which operates at the same Port Botany site.