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Shell sells New Zealand retail and refining businesses

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Infrastructure investor Infratil said Monday 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 696.5 million dollars (491.3 million US) and a working capital adjustment of more than 208 million dollars when the deal is settled on Thursday.

The purchase by the 50/50 joint venture includes a 17.1 percent 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.

Source: AP

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