Greenstone investment update – fourth new site announced

Less than five months since Greenstone Energy acquired Shell New Zealand’s retail and distribution assets, the New Zealand company has confirmed four new investments.

Today Greenstone confirmed it will invest in a brand new $3 million retail service station at Waiuku, south of Auckland. The site is on the corner of Kitchener Road and King Street and is currently trading as a Caltex site.

This site will close in four to six weeks. It will then be completely demolished and a new state-of-the-art Greenstone site will be built from scratch, featuring a 100 square metre shop, eight fuel filling stations and a top of the line car wash.

The new Greenstone site will open in the first quarter of 2011.

In terms of other developments:

• Greenstone’s construction of a new $2 million retail service station on the North Shore started last week and the new site will open in October / November.
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• Construction on Greenstone’s new $3 million retail service station at Bethlehem near Tauranga is proceeding well, with tanks and fuel infrastructure installed, and the shop and forecourt structure under construction.
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• In July, Greenstone completed and commissioned a brand new $400,000 commercial truck refuelling facility at Whangarei.
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Greenstone Chief Executive Mike Bennetts said the company was investing strategically in the company’s future growth.

“With many fuel retailers pulling back from the New Zealand market, there are some very good investment opportunities for Greenstone. Our current investments are located in growing markets and will make an important contribution to our growth during a period of industry consolidation,” he said.

“There’s been strong public and customer support for Greenstone since we acquired the Shell downstream business in April and we’re determined to continue to earn that support.

“Customers like the fact that we’re investing in the New Zealand economy, our profits are retained in New Zealand for the benefit of New Zealanders and we’re creating jobs.”

ENDS

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