Puma Energy, a Swiss mid- and downstream oil company majority-owned by Trafigura, has agreed to divest its Myanmar business to a local private company.

The deal follows a decision made by Puma Energy ’s board to fully exit Myanmar earlier this year. Financial terms of the deal were not disclosed.

Under the deal, Puma Energy will sell its stake in Puma Energy Asia Sun (PEAS) and a minority stake in National Energy Puma Aviation Services (NEPAS).

PEAS, which is a joint venture between Puma Energy and local company Asia Sun Energy (ASE ), owns the petroleum products terminal at the Thilawa port, southeast of Yangon.

Following the military coup in February 2021, Puma initially suspended its operations in the Asian country. Despite this, the firm resumed distribution to meet the civilians’ needs.

In March 2022, Puma Energy agreed to divest a significant part of its infrastructure and storage business to Impala Terminals Group

The sale forms part of Puma Energy’s efforts to simplify and reinvigorate its core business, focus on high potential downstream markets, and reduce debt.

Puma Energy’s downstream business segments include fuels, lubricants, aviation, and bitumen, while its infrastructure business comprises a network of storage terminals with a capacity of 6.7 million cubic metres. 

Earlier this year, Trafigura divested its 10% stake in Russia’s Vostok Oil to Hong Kong-based independent trader Nord Axis.

The sale included Trafigura ’s 10% non-operational and passive shareholding in Vostok Oil, a massive Arctic oil project in Russia, and the associated non-recourse bank debt.