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Shell applies to commission for extension

Shell applies to Commission for extension to deadline to divest Energy Gas Contracts Limited

Shell Overseas Holdings Limited (Shell) has applied to the Commerce Commission for a further extension to the deadline to divest Energy Gas Contracts Limited (EGCL).

The Commission cleared Shell to purchase Fletcher Challenge Energy Limited (FCE) in November 2000, subject to Shell divesting a range of assets owned by Shell and FCE.

At the time, Commission Chair John Belgrave said that the Commission was satisfied that, subject to the divestment undertakings, Shell would not acquire or strengthen dominance in the markets for current gas production, gas production after 2009, and production of liquefied petroleum gas.

Shell has advised the Commission that it has now divested all assets - other than EGCL - referred to in the divestment undertaking. The details of Shell's divestment undertakings remain confidential.

Background The Commission gave clearance subject to the divestment of assets including all FCE's interests in:
· Fletcher Challenge Gas Investments Limited (now EGCL);
· Kapuni Gas Contracts Limited;
· the Kupe field;
· Challenge Petroleum Limited;
· New Zealand Refining Company Limited;
· the Tariki, Ahuroa, Waihapa and Ngaere fields (known as TAWN);
· the Ngatoro field;
· the McKee field;
· the Kaimiro field; and
· the Mangahewa field. Plus:
· 10 percent of the shares in the Maui field; and
· 3.7 percent of the shares in the Pohokura field, which would reduce Shell's post-acquisition interest to below 50 percent.

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