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Shell Sells KGCL Assets To NGC

28 August 2002

Shell Sells KGCL Assets To NGC

Shell New Zealand Limited chairman Dr Lloyd Taylor today announced the sale of the contractual assets of Kapuni Gas Contracts Limited (KGCL) to NGC, for an undisclosed sum.

"This sale to NGC is, in effect, an entitlement to Maui prepaid gas and gas supply contracts related to the purchase and onsale of Kapuni gas.

"The divestment of these assets, held by KGCL was a requirement of the undertaking given to the Commerce Commission at the time of the acquisition of Fletcher Challenge Energy. Remaining to be divested under this undertaking is the assets of Energy Gas Contracts Limited (EGCL) and, more significantly, a 10% interest in the Maui field. We hope to be in a position to conclude this latter deal in the coming month," Dr Taylor said.

ENDS

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