WELLINGTON: Infrastructure investor Infratil said yesterday it had joined with the NZ Superannuation Fund to buy oil giant Shell’s New Zealand distribution and retail operations, along with a refinery stake.Infratil and the government pension fund will pay Shell a base price of NZ$696.5 million (US$491.3 million) and a working capital adjustment of more than NZ$208 million when the deal is settled on Thursday.
The purchase by the 50/50 joint venture includes a 17.1 per cent stake in New Zealand’s only oil refinery, 229 service stations and 95 truck stops nationwide, as well as other specialised aviation, marine and commercial fuel facilities, Infratil said.
“The businesses being acquired have been built up by Shell over almost a century and their decision to sell due to changes in the global oil market has presented a ‘once in a generation’ opportunity,” said Infratil chief executive Marko Bogoievski. — AFP