Recently, the downstream businesses in New Zealand were reviewed by Oil giant Shell including its 230 petrol stations following which it has appointed UBS to find a buyer.

It was a confirmed by a spokeswoman for Shell that the company would be selling everything, however will keep its extensive oil and gas exploration assets in New Zealand, mostly in Taranaki, and a 36 per cent stake in Construction Company Fulton and Hogan.

Its 17 per cent shareholding in New Zealand's only oil refinery at Marsden Point, a 25 per cent holding in Loyalty New Zealand, operator of Flybuys and its chain of petrol stations, as well its aviation, bitumen, chemicals, commercial fuel, distribution and supply, and marine business are all included in its businesses.

UBS has been appointed by Shell with the aim to find formal expressions of interest for the downstream business. No buyers have been identified at this point.

Early indications of interest were hoped to be received by the company by early August.

Shell, which received the directive for the review had come from the international head office in the Netherlands, reviewed its businesses around the world.

“The company was focusing on downstream activities in developing markets, not mature markets such as New Zealand,” said the spokeswoman.

(via TopNews New Zealand. Contributed by Omaka Nelson)