Puma Energy, the midstream and retail arm of Switzerland’s Trafigura and the main supplier of aviation fuel in Myanmar, announced on Wednesday that it has sold its operations in the country to a locally owned company, becoming the latest multinational to withdraw from military-ruled Myanmar.
The company has signed an agreement to sell its stake in Puma Energy Asia Sun (PEAS) and its minority share in National Energy Puma Aviation Services (NEPAS) to a locally owned private company, the statement said, without naming the buyer.
NEPAS is a joint venture between Puma Energy and the state-owned Myanmar Petrochemical Enterprise under the junta’s Ministry of Energy, and engages in import and distribution of aviation fuel.
Puma initially suspended its operations in Myanmar following the military coup in February 2021 but later resumed distribution for civilian purposes.
In August, Myanmar’s junta reconstituted a state-level coordination committee on aviation fuel with the stated purpose of importing, storing and distributing aviation fuel in line with international norms.
The 15-member committee consists of directors-general from the Energy, Transport and Communications, Planning and Finances, the assistant quarter-master general, and chiefs of the state flag carrier Myanmar National Airlines and private airlines including Air Thanlwin, Myanmar Airways International, Yangon Aerodrome Co, and Golden Myanmar Airline.