Shell NZ reviews its downstream businesses
Royal Dutch Shell Plc., Europe's largest oil company, third-biggest shareholder after BP and Mobil, has under taken a review of its investments in New Zealand and its
17% stake in the nation's only refinery at Marsden Point.
Spokesman of New Zealand Refining Company, NZRC, operator of Marsden Point said, "NZRC has been informed today that Shell has commenced a strategic review to study the long-term ownership options of its downstream businesses in New Zealand. Divestment of some or all of the downstream businesses is options under consideration, but no decisions have been made."
New Zealand Shell may also review its 230 petrol stations, 36% stake in construction firm Fulton Hogan and 25% share in Loyalty New Zealand, operator of Flybuys as well as its aviation, bitumen, chemicals, commercial fuel, distribution and supply, and marine business. It shall however keep its extensive oil and gas exploration assets in Tarnaki, New Zealand.
The review was expected to take up to two months.
The oil company posted loss of US $2.8 billion as the oil prices fell. According to Bloomberg, Shell has kept its Capital investment lower, US $32 billion and has disposed off more of its assets than planned earlier. Meanwhile its stock fell 0.4% to NZ$7.27 today where as they surged to 26% in last month.
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