Posted on 24 October 2011.
Puma Energy Caribe presents ambitious environmental rehabilitation and construction programme to Puerto Rico's governor
24 October 2011
Puma Energy International, one of the
world’s largest and fastest growing integrated mid-stream and
downstream oil companies, today introduced Puerto Rico’s Governor
Luis Fortuño to its Puma Energy Caribe storage terminal in
Bayamón, Puerto Rico.
Formally owned by the Caribbean Petroleum
Company (Capeco), and acquired by Puma for US$82 million in May
2011, the terminal was previously amongst the largest fuel
processing, storage and distribution facilities in Puerto Rico,
supplying some 15 per cent of the island’s petroleum products
consumption. In August 2010, Capeco filed a Chapter 11 petition in
the United States Bankruptcy Court to liquidate their assets
following a catastrophic explosion and fire at the Capeco facility
on 23 October 2009.
Two years on from the explosion and, through
working in close partnership with the Environmental Protection
Agency (EPA), the Environmental Quality Board (EQB) and the local
community, Puma is fast transforming the site into a
state-of-the-art facility that is set to bolster Puerto Rico’s
strategic petroleum reserves and Puma’s ability to benefit from
advanced technical capabilities, economies of scale and close
proximity to the metropolitan area of San Juan.
Following dramatic growth from just 45
employees in July, Puma currently employs over 300 skilled
engineers and professionals – a figure that is set to rise as the
company’s investment in the project grows from US$32 million in
2011 to US$230 million by 2014.
Commenting on his visit to Puma Energy Caribe,
Puerto Rico Governor Luis Fortuño noted: “Two years on from one of
Puerto Rico’s most devastating environmental incidents, and only 6
months since they acquired the property, it gives me enormous hope
to see the positive strides that Puma Energy Caribe are taking to
create jobs and rehabilitate the facility. We wish them every luck
in transforming the site into an environmentally sound and industry
leading hub for Puerto Rico.”
Victor Dominguez, General Manager for Puma
Energy Caribe responded by saying: “Puma is committed to building
commercial opportunities in Puerto Rico. We intend to lead by
example in proving that our business is good for the local economy,
good for competition and good for communities that rightfully
demand high standards of professionalism, service and corporate
responsibility. Our far reaching environmental
remediation program, in partnership with federal and local
authorities, is just the start for us. Through
state-of-the-art technology and a core belief of wanting to do the
right thing we intend to set new standards in environmental
stewardship.”
For further information please
contact:
CONTACT
Sandra D. Rodríguez Cotto / Pepo García
TELEPHONE
(787) 773-0000, 773-0001 / (787) 220-4648, 220-4649
EMAIL
sandra@avantpr.net /
pepo@avantpr.net