Chevron Corp. subsidiary Chevron Australia Downstream Pty. Ltd. entered into a conditional share sale agreement with Puma Energy Asia Pacific BV to acquire all equity interests of Puma Energy (Australia) Holdings Pty. Ltd. for A$425 million.

The assets of Puma Energy (Australia) and its subsidiaries include a network of company-owned and retailer-owned service stations in Australia, a commercial and industrial fuels business, owned or leased seaboard import terminals and fuel distribution depots, according to a Dec. 18 release from the oil supermajor.

Chevron's executive vice president for Downstream and Chemicals Mark Nelson said the transaction will provide the company with a stable market for production volumes from its refining joint ventures in Asia.

The deal is expected to close in mid-2020, subject to regulatory approvals and customary closing conditions.

Puma Energy Asia Pacific offers integrated midstream and downstream oil services and is headquartered in Singapore.