U.S. Markets closed

Caltex Australia to sell bitumen unit to Trafigura's Puma


GENEVA, Oct 15 (Reuters) - Fuel marketer Caltex Australia Ltd has entered a conditional agreement to sell its bitumen unit to Trafigura's Puma Energy, the companies said on Tuesday.

Caltex Australia, part-owned by oil major Chevron, said that it no longer considered bitumen a "core business" following a decision to close the Kurnell base oil refinery in Sydney and convert it to a terminal next year.

The agreement is the latest in a string of planned acquisitions for Puma Energy such as a deal to buy Australian fuel distributor and retailer Ausfuel from private equity firm Archer Capital in February.

Swiss trading house Trafigura has previously said it was mulling a possible listing for Puma in 2014.

The group noted that the agreement was subject to regulatory approval in an email to Reuters. No value was given for the purchase.