The unfolding energy story takes another twist
How the sale of Caltex affects you
AA PetrolWatch spokesman Mark Stockdale said it remained to be seen how the sale would affect petrol prices.
"This is part of an ongoing trend in the New Zealand fuel market which has seen a substantial overhaul in the last seven or so years, really since the GFC."
"New Zealand is a very small country, the fuel market is a mature market [and] it is not increasing."
Shell had already left the New Zealand market to be bought by Z Energy and Mobil had been trying to sell its New Zealand operations without success and had instead resorted to trying to sell off its service stations one by one, Stockdale said.
The sell-offs came on the back of a period of very low margins for fuel companies operating in New Zealand, he said.
"For the size of our market, we do have a lot of competition. At the moment there are four national retailers and a fifth smaller one in the form of Gull in the North Island.
"From the motorist's point of view, it may be business as usual. Motorists won't actually notice much difference.
"The concern that we have though is that as a wholesaler, Z will actually be supplying nearly 50 per cent of the retail market."
However, while BP remained in the fuel market, Z would have a large competitor to keep them in check, Stockdale said.
June 2 2015 - Z Energy shares soar after Caltex buy
US oil giant Chevron has sold its NZ Caltex chain to Z Energy.
Z Energy shares have soared 21 per cent today after the news it has signed a $785 million agreement to acquire Chevron New Zealand's Caltex service station network.
The deal includes Caltex's 146 petrol stations and 73 truck stops, Chevron's lubricant business and the Challenge brand.
5 days earlier - Chevron sells out of NZ Refining
Oil company Chevron New Zealand, operator of Caltex service stations, is selling its holding in the Marsden Point refinery.
Chevron’s 11.4% stake in New Zealand Refining [NZX: NZR] is being sold.
NZ Refining says the sale does not affect Chevron’s fuel processing agreements with the refinery.
The other main shareholders in NZ Refining are BP with 21%, Mobil with 17% and Z Energy with 15%.
A Chevron spokesman says the sale is “in line with Chevron’s long-term strategy”.
“Asia-Pacific remains a core strategic focus for Chevron’s Downstream business and we are focused on ensuring our operations, portfolio and investments are well-positioned to meet the region’s growing demand for energy.”
Chevron also owns 147 Caltex service stations and 73 Caltex unstaffed diesel fuel filling stations serving the trucking industry. Asked whether these assets are also for sale the spokesman would only say “we do not comment on speculation”.
2 years back - Otaki's Caltex service station has been put up for sale!
- The station on the corner of SH1 and Arthur St has a workshop, car wash, truck stop and six-lane refuelling canopy, and is valued at $3 million.
- Chevron NZ, which owns the Caltex brand, is coming to the end of its second 14-year lease on the property.
- Whanganui-based investor was putting the site up for sale.
- Expected to sell for substantially less than its 2012 rating value of $3 million.