Chevron's network includes 147 Caltex branded service
stations and another 73 Caltex diesel fuel filling stops for trucks.
Robert Peet
Z Energy is poised to buy Chevron's New Zealand service station network for about $NZ800 million.
The deal includes a $NZ150 million capital raising with the help of Goldman Sachs.
Chevron's network includes 147 Caltex-branded service stations and another 73 Caltex diesel fuel filling stops for trucks.
Since
Chevron sold its 50 per cent stake in ASX-listed Caltex Australia it
has been seen as a seller of assets in Australia and New Zealand. Last
week it sold its 11 per cent share of The New Zealand Refining Company.
Street Talk reported last week that Z Energy was a logical buyer of the Chevron assets if they were put up for sale.
The
oil giant is part-way through a $US15 billion ($19 billion) asset
sell-off, driven by its Californian head office and expected to continue
through to the end of 2017.
Exxon Mobil's Mobil has about 190
service stations in New Zealand, while BP has about 210. The Chevron
exit may spur Mobil and BP to also consider sales.
Z Energy, along with international majors Chevron, BP and Exxon Mobil dominate the market.
The dual-listed Z
Energy has indicated it would be interested in acquiring more service
stations if they came to market, while fund managers say there is
significant upside on offer from a service station mop-up.
Its shares were placed in a trading halt on Monday morning.
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