Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


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.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>


Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news