Published 12 February 2009
Shell Oil has told the NZ Refining Co Ltd it may sell its downstream businesses, which would affect its holding in the Marsden Pt refinery company.
Shell NZ Holding Co Ltd holds 17.14% of the NZ Refining Co Ltd. The 4 major oil companies have processing agreements which give them access to refinery capacity in line with their New Zealand market share.
Shell told the refinery company today it had started a strategic review to study the long-term ownership options of its downstream businesses in New Zealand.“Divestment of some or all of the downstream businesses are options under consideration, but no decisions have been made. Shell will make an appropriate announcement when a decision is made, but the review is likely to take some months,” it said.
Shell has upstream interests in exploration & production. Downstream, it owns 230 petrol stations & a controlling stake in land development & roadworks company Fulton Hogan Ltd. Its other interests include distribution & commercial activities, aviation, chemicals & marine fuel.Want to comment? Email [email protected].
Attribution: Company statement, story written by Bob Dey for the Bob Dey Property Report.