Application to acquire Chevron New Zealand

Issued 6 August 2015
Release No. 13

Statement of preliminary issues for Z’s application to acquire Chevron New Zealand

The Commission has published a statement of preliminary issues relating to Z Energy Limited’s application to acquire 100% of the shares in Chevron New Zealand, the owner of the Caltex brand in New Zealand.

Z and Chevron supply fuel in New Zealand and both have interests across the entire fuel industry.

The statement of preliminary issues outlines the key competition issues that the Commission currently considers will be important in deciding whether or not to grant clearance.

The Commission invites interested parties to provide comments on the likely competitive effects of Z’s proposed acquisition. Submissions can be sent by email toregistrar@comcom.govt.nz with the reference Z/Chevron in the subject line. Any submissions should be received by 21 August 2015.

The statement of preliminary issues and a public version of the application can be found on the Commission’s clearances register.

Background
Z is a supplier of petroleum products in New Zealand and has interests
throughout the supply chain. Z is a shareholder in The New Zealand Refining Company Limited (NZRC) that operates the oil refinery at Marsden Point and it also has interests in fuel storage terminals, pipelines and logistic services used for the distribution of fuel around New Zealand. Z supplies wholesalers and commercial customers with a range of fuels including petrol, diesel, aviation fuels, marine fuels and bitumen. Z also retails petrol and diesel through its Z-branded service stations.

Chevron is also a supplier of petroleum products in New Zealand and has interests throughout the supply chain, although it recently sold its shareholding in NZRC. Like Z, Chevron has interests in fuel storage terminals, distribution pipelines and logistic services throughout New Zealand. Chevron supplies wholesalers and commercial customers with a broad range of fuels including petrol, diesel, aviation fuels, marine fuels and bitumen as well as supplying petrol and diesel through its Caltex service stations.

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