Released 3 November 2009
Attention all newsrooms
Shell in exclusive discussions for potential sale of its downstream businesses in New Zealand
Shell can confirm today that we are in exclusive discussions with a consortium of Infratil Ltd and New Zealand
Superannuation, led by Morrison and Co, for the potential sale of the downstream businesses in New Zealand.
This does not guarantee a sale and it is too early for Shell to confirm a deal or comment on timescales. Further detail
regarding the discussions, bids and terms is commercially sensitive and confidential. We hope to finalise these
discussions within the next month.
As previously announced, the review is to determine the best long-term ownership options for downstream businesses in
New Zealand. Shell has an obligation to ensure best value is being achieved with all its assets. The Shell Group has an
active portfolio management strategy, and like any competitive business, Shell continually reviews its portfolio in an
effort to improve overall performance.
Shell will continue to carry out its normal activities safely, delivering excellent customer service. As ever, safety
remains the top priority.
No further comment will be made at this time.
Background
The scope of the downstream review includes retail, commercial fuels, bitumen, aviation, marine, chemicals, supply and
distribution businesses. It also includes Shell’s shareholdings in Loyalty New Zealand (25%) and New Zealand Refining
Company (17%).
The review does not include Shell’s shareholding in Fulton Hogan or Shell’s upstream activities in New Zealand. We have
been in separate discussions with Fulton Hogan about the future of our shareholding in that company.
ENDS