Puma Energy sold 19 large-scale storage terminals across 10 countries to Impala Terminals in 2022, and the divestment still defines its footprint heading into 2026. Where Puma Energy terminals once meant a sprawling global tank farm network, the company now runs a smaller, more specialised set of assets: bitumen hubs, Baltic fuel-mixing terminals, one Nordic light-products tank farm, and a scatter of distribution depots feeding its retail network. The restructuring is a useful case study in how a downstream operator reshapes its infrastructure base once it decides storage scale is no longer the priority.
Company Overview
Puma Energy is a Swiss multinational midstream and downstream oil company, majority owned by commodity trading group Trafigura. Founded in 1997 and dual-headquartered in Singapore and Geneva, the company operates across roughly 40 countries and employs around 3,800 people.
Full-year 2025 revenue reached $11.2 billion, reported alongside the company’s Q4 2025 results in March 2026. Puma’s core business today is downstream retail and commercial fuel supply, run through more than 2,100 service stations, supported by aviation fuel, lubricants, and bitumen divisions.
Key Assets & Terminal Network
The defining event in Puma’s terminal history is the sale of its large-scale storage infrastructure to Impala Terminals (ITG SÃ rl), completed in stages between March 2022 and late 2022. The deal transferred 19 storage terminals across 10 countries, including the high-profile Milford Haven fuel terminal in Wales, which was formally rebranded as an Impala Terminals site in 2024.
Puma Bitumen is now the largest visible piece of Puma’s remaining terminal network — break-bulk, blending, and Polymer Modified Bitumen (PMB) terminals spread across Asia, Africa, the Americas, and Oceania, supplying road and infrastructure projects.
In the Baltics, Puma Energy Baltics AS operates storage, freight-forwarding, and fuel-mixing terminals at Paldiski, Sillamäe, and Tallinn in Estonia [VERIFY current capacity figures]. In Norway, the Slovaag Terminal gives Puma a 95,000 m³ tank farm handling light oil products, primarily gasoline, in the Gulen Industrial Harbour area.
The remaining network is rounded out by smaller downstream supply terminals in Central America and Africa — including Mozambique and Namibia — that exist mainly to secure fuel inventory for Puma’s retail station footprint rather than to serve third-party storage customers.
2026 Projects & Developments
Puma’s March 2026 full-year results confirmed the strategy is a continuation, not a one-off: the company is still actively streamlining operations and divesting non-core assets to concentrate capital on retail, aviation, and B2B fuel markets. The Milford Haven rebrand to Impala Terminals in 2024 was the clearest recent signal that the 2022 sale is now fully operationally embedded rather than a transitional arrangement.
For terminal-sector observers, the practical implication is that Puma is unlikely to re-enter large-scale third-party tank storage. Its bitumen and Baltic terminal assets are the more likely areas of incremental investment, given they sit closer to its retained downstream and B2B focus.
Puma Energy in the Global Market
Puma no longer competes directly with independent bulk liquid storage specialists on scale. Operators such as Stolthaven Terminals and the other names on OGSN’s ranking of independent tank terminal operators now occupy the large-scale third-party storage space that Puma vacated in 2022. Puma’s competitive position instead sits in downstream fuel retail and bitumen supply, where Trafigura’s trading and logistics backing gives it scale advantages that pure storage operators don’t have.
Within bitumen specifically, Puma’s multi-continent PMB and blending network is a genuine differentiator, positioning it against specialist bitumen traders and infrastructure suppliers rather than tank terminal operators.
Company Snapshot
| Metric | Detail |
|---|---|
| Founded | 1997 |
| Headquarters | Singapore and Geneva, Switzerland |
| Ownership | Majority owned by Trafigura |
| 2025 Revenue | $11.2 billion |
| Employees | ~3,800 |
| Retail Stations | 2,100+ |
| Core Business | Downstream retail, aviation fuel, bitumen, LPG |
| Major Terminal Divestment | 19 storage assets sold to Impala Terminals, 2022 |
| Key Retained Assets | Puma Bitumen hubs, Baltics terminals, Slovaag Terminal (Norway) |
Sources: Reuters, Puma Energy corporate reporting.
What does Puma Energy specialise in?
Puma Energy specialises in downstream fuel retail, aviation fuel supply, bitumen production and blending, and LPG distribution, following its 2022 sale of large-scale storage terminals to Impala Terminals.
Where are Puma Energy’s main terminals located?
Puma Energy’s remaining terminal assets include bitumen hubs across Asia, Africa, the Americas, and Oceania, fuel-mixing terminals in Estonia through Puma Energy Baltics AS, and the Slovaag Terminal in Norway.
Does Puma Energy still operate large storage terminals?
No. Puma Energy sold 19 large-scale storage infrastructure assets across 10 countries to Impala Terminals in 2022, retaining only smaller bitumen, distribution, and regional terminals.
How large is Puma Energy’s operation?
Puma Energy reported $11.2 billion in revenue for 2025, employs around 3,800 people, and operates more than 2,100 retail fuel stations across roughly 40 countries.
Who owns Puma Energy?
Puma Energy is majority owned by commodity trading and logistics group Trafigura.