February 11, 2017

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MPPE signs with Puma Energy as aviation distribution partner

MPPE signs a joint venture agreement with Singapore-based Puma Energy Group in the presence of Union Minister for Energy U Zeya Aung. Photo: energy
MPPE signs a joint venture agreement with Singapore-based Puma Energy Group in the presence of Union Minister for Energy U Zeya Aung. Photo: energy

State-owned Myanma Petroleum Products Enterprise (MPPE) signed a joint venture agreement with Singapore-based Puma Energy Group in Nay Pyi Taw on Thursday to carry out the distribution of aviation fuel.
The agreement was signed by U Thant Zin, Managing Director of MPPE and Mr Robert Jones, Chief Operating Officer of Puma Energy Group Pte Ltd in the presence of Union Minister for Energy and Chairman of Myanmar Investment Commission U Zay Yar Aung.
MPPE will receive US$20 million from Puma Energy Group Pte Ltd as a signature bonus and Puma Energy Group Pte Ltd will inject $51 million into the joint venture business as an initial investment.
MPPE has a 51 percent share of the business, while Puma Energy Group Pte Ltd owns 49 percent. MPPE is investing machinery and equipment worth US$26 million.
The joint-venture business is called National Energy Puma Aviation Services Co Ltd.
Puma Energy Group Pte Ltd operates in 45 countries with 10,423 refilling stations, 80 stores and distribution stations, plus two refineries.

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