INDEPENDENT NEWS

Shell Offers To Divest More Gas Assets

Published: Wed 15 Nov 2000 11:46 AM
The Commerce Commission has agreed to a request from Shell Overseas Holdings Limited to amend its current application for clearance to acquire Fletcher Challenge Energy Limited (FCE).
Commission Chair John Belgrave said that Shell's amendment is to divest more of the assets currently owned by FCE. The assets are those associated with the Kaimiro and Mangahewa fields.
Mr Belgrave said that the Commission has not changed its timetable and is scheduled to make its decision on Friday this week.
The Commerce Act prohibits business acquisitions that result in dominance being acquired or strengthened in any markets.
Parties can apply for a clearance, which the Commission will grant if it is satisfied that dominance is not acquired or strengthened.
Commission media releases can be viewed on its web site www.comcom.govt.nz

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