Z Energy to acquire Chevron New Zealand operations
Published by Rosalie Starling,
Editor - Hydrocarbon Engineering
Hydrocarbon Engineering,
Z Energy Ltd will acquire Chevron Corp's downstream Australian operations for a sum of NZ$785 million (US$556.41 million), as the energy giant offloads assets in the region in response to declining oil prices and struggling margins.
As part of the acquisition agreement, Z Energy will obtain approximately 150 Caltex branded service stations and 70 diesel fuelling stations operated by Chevron, as well as the company’s lubricant interests, adding to Z Energy's 210 Z service stations. The company will operate the two brands separately. The deal is subject to clearance by the New Zealand competition regulator and the Overseas Investment Office.
"The acquisition is a great fit with our longer term market growth strategy," said Z Energy Chief Executive Officer Mike Bennetts. "Caltex is a successful and highly attractive business in New Zealand and the acquisition means we can use the scale of the combined operation for the expanded supply of biodiesel to a broader market."
Edited from various sources by Rosalie Starling
Sources: Reuters, The Australian, National Business Review
Read the article online at: https://www.hydrocarbonengineering.com/refining/03062015/z-energy-to-acquire-chevron-new-zealand-operations-884/
You might also like
Hydrocarbon Engineering Podcast
Mike Logue, Owens Corning Global Business Director – Mechanical Insulation, delves into factors that can support the performance, safety and longevity of insulating systems installed in hydrocarbon processing environments, including cryogenic facilities.
Zeopore’s semi-industrial facility fulfilling first customer orders
The recently commissioned facility is fulfilling its first customer orders of high-performance zeolites for multiple catalytic applications.
