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11/12/2015

Z to install six rapid charge EV charging stations

Z Energy will install six rapid-charge electric vehicle charging stations at sites in Auckland, Wellington and Christchurch by the end of February.

The rapid-charge stations are being supplied by Charge.net.nz and will be available for public use. The Tritium fast chargers draw up to 400 volts of electricity and can charge a standard electric vehicle in the time it takes a customer to buy and drink a cup of coffee.

Z Sustainability Manager, Gerri Ward, said the move was part of Z’s continued commitment to moving from being a part of the climate change problem to the heart of the solution.

“We’re not an oil company, we’re a transport energy company and we’re committed to meeting the needs of our customers, whatever they might be.

“We also want to be at the front of the push towards a cleaner, more sustainable New Zealand and to give Kiwis choices to use more renewable fuels.”

The electric charging stations will cost approximately $5 - $10 for the vast majority of users (i.e. a Nissan Leaf) to fill up, and the charge time from empty will be approximately 10 – 25 minutes, as opposed to up to eight hours for a conventional slow charge. A 25 minute charge will “fill up” an entry level electric vehicle like a Leaf and allow customers to travel around 120 kilometers.

“These stations provide another option to keep our customers moving regardless of the vehicle they drive or the fuel they need,” said Gerri.

At the time that these stations are available for the public, Z will also be commissioning a $26 million investment in the country’s first commercial-scale biodiesel plant in Wiri, Auckland. The plant will convert inedible tallow into 20 million litres of high-quality sustainable biodiesel per year. Chief Executive Steve West from Charge.net.nz has found working with Z Energy to be a great experience, and is pleased to see the iconic Kiwi brand charging into the future.

“Z Energy is a great company to work and collaborate with. We are excited to see these stations go live,” he said. 

Jonathan Hill: 04 498 0212

 

30/10/2015

Z and St John sign community partnership

Two of New Zealand’s strongest local brands have joined forces in a community partnership that is set to benefit both organisations and the wellbeing of Kiwi communities.

The chief executives of St John and Z Energy today signed a memorandum of understanding on the bonnet of a St John ambulance at Z Ellerslie, Auckland.

Z Chief Executive Mike Bennetts said Z is delighted to be signing this partnership with St John. He went on to say Z will work with St John to progressively install defibrillators across its retail service station network; help St John to develop its own organisational sustainability plan and actively support St John’s fundraising initiatives, including selling St John first aid kits in store along with other fundraising initiatives.

“At Z we’re interested in initiatives that are good for business, good for customers and good for communities. The partnership between Z and St John realises all of these outcomes and we’re really excited about the potential for what we can achieve through it,” said Mike.

The partnership sees St John join Z Energy as a fuel customer and both organisations commit to projects and initiatives that protect the well-being of local communities.

St John Chief Executive Peter Bradley said one of the long-term benefits of the partnership will be collaboration around St John volunteer recognition and sustainability.

“St John is New Zealand’s most trusted charity, there is clear alignment between what our two organisations are committed to. Local communities will benefit from this exciting new partnership,” Bradley said.

Z Chief Executive Mike Bennetts and St John Chief Executive Peter Bradley signing the partnership agreement.



Jonathan Hill: 04 498 0212

 

 

19/10/2015

Z brings coolest collectable heroes to New Zealand

Z brings coolest collectable heroes to New Zealand

New Zealand’s next big collectable craze strikes at more than 200 Z service stations today.

Z is bringing the stackable collectables ‘Marvel Avengers Blokhedz’ to New Zealand for the first time, with 16 Super Hero and Super-Villain characters to collect, stack, trade and take into battle.

“Marvel Avengers Blokhedz can be stacked and played with any number of ways. We hope Kiwis will love the challenge of collecting and trading them, stacking them, and taking on family and friends in Super Hero inspired games,” Z General Manager Retail, Mark Forsyth said.

“We reckon they’ll be charging out of Z stations faster than super heroes.

“At Z we love having fun, and we think our customers do too – it’s the Kiwi way. We reckon our customers will love the Marvel Avengers Blokhedz range, and will have heaps of fun with them,” Mark said.

“Half of the fun comes from collecting and trading Blokhedz to try and get the full set – and the fastest way to do this is to join forces with family and friends. The other half is taking on family and friends in Marvel Avengers Blokhedz games and challenges – like building the biggest or craziest stack.

“The Marvel Avengers Blokhedz Super Heroes and Super-Villains will appeal to Kiwis across generations – everyone has their favourite.”

Z is giving away Marvel Avengers Blokhedz with every $40 spent (excluding tobacco and Lotto products) while stock lasts. Head to z.co.nz/Blokhedz to find out more about the Marvel Avengers Blokhedz characters, games you can play and competitions you can enter.

11/09/2015

Bigger, better, faster, cleaner

Z Energy will soon be able to utilise two brand new tanker vessels with eco-performance engines to ship fuel around the New Zealand coast.

Coastal Oil Logistics Limited (COLL), which transports petroleum products from Refining NZ at Marsden Point to New Zealand’s ports on behalf of its four fuel company shareholders including Z Energy, has just announced that it will charter two brand new tanker vessels to replace its current tankers, the Torea and Kakariki.

The Torea and Kakariki have been in service by COLL for eight and 17 years respectively.

The Torea’s replacement, a 50,000 deadweight tonne (dwt) fuel products tanker, is due to arrive in February 2016. The Kakariki replacement, a 50,000dwt fuel products and bitumen tanker, will be owned by ASP Ship Management Group (ASP) and will begin service in June 2017.

The two new tankers, which are yet to be named, will not only be bigger, better and faster than what’s being used now, they will also have less of an impact on the environment.

When compared to the current vessels being used by COLL, the expected increase in fuel efficiency from these ships is estimated to be approximately 25%.

Z’s Sustainability Manager, Gerri Ward, said that Z were particularly pleased that COLL had decided on these ships because of the meaningful carbon emission reductions and the state of the art safety systems on board.

“At Z, one of our sustainability goals is to reduce our own carbon intensity, so we were very supportive of COLL selecting the most fuel efficient and safe tanker vessels available to us.

“Our rough calculation suggests that the fuel efficiency savings from the new vessels versus the next best available ship will translate to a reduction of 11,000 tonnes of CO2 per year, per ship for the industry.

“For Z, this represents a 10% reduction in carbon emissions from our downstream distribution activities in New Zealand, and is another step in the right direction,” said Gerri.  

The other significant benefit of two new sister ships is around safety management as it allows for standardised maintenance, operations and training. In addition, the internal vessel systems supporting safety and quality management are all state of the art.

Gerri said that this was also an example of how trying to be more sustainable made good business sense.

“The fuel consumption savings made from the new ships will actually offset the higher upfront cost of building a new ship, and in fact work out to be more economic over time,” said Gerri.

The Kakariki and Torea will be returned to their owners at the end of their current time charter to COLL.

 

01/09/2015

Z welcomes new independent director

Z Energy Chair, Peter Griffiths, today announced the appointment of Mark Cross to the Z Board as an independent director.

Mark is a professional director with a background of more than 20 years in investment banking in New Zealand, Australia and the UK. Mark holds a number of diverse directorships, including with Genesis Energy Limited, Argosy Property Limited, Milford Asset Management and Triathlon New Zealand, and is the Chair of MFL Mutual Fund Limited/Superannuation Investments Limited. Mark is a member of Chartered Accountants Australia and New Zealand and a member of the New Zealand Institute of Directors.

Peter Griffiths said Mark will bring a wealth of valuable commercial experience to the Z Board.

“Mark has extensive experience in financial markets and in the governance of a range of organisations, including publicly listed companies,” said Peter. “I am very pleased to welcome him to the Z Board.”

Peter Griffiths said the Board has been actively planning for Mark’s recruitment as part of its broader director succession planning process and expects to make further Board appointments over the coming months.

In accordance with the NZX Main Board/Debt Market Listing Rules and the ASX Corporate Governance Principles and Recommendations, the Board also determined that Mark is an independent director.

Mark’s appointment to the Z Board takes the number of directors to eight, with six independentand two non-independent directors. Mark’s appointment takes effect today.

27/07/2015

Groups to do more good in the hood with $250,000

 

Fourteen neighbourhood groups have been ‘supercharged’ for 2015 with a share of $250,000 from Z Energy.
The Good in the Hood Supercharger funding will deliver benefits in communities across New Zealand — from helping the Child Cancer Foundation launch a new programme to keep families in touch to getting a Sweet Louise nurse on the road in Palmerston North and opening a new clinic for victims of sexual assault in the Bay of Plenty.
The 14 worthy groups were supported this year through Z’s Good in the Hood programme and selected for Supercharger based on voting by Z customers and frontline staff at Z stations. 
New Zealanders also had their say about how the money was allocated, posting hundreds of comments on the groups’ video pitches explaining what they’d do with extra funding at z.co.nz.
The decision on how to allocate the funding was made by a panel led by Z Chief Executive Mike Bennetts, and including frontline service station staff and operators.
“The groups are all doing an incredible amount of good in our communities and they put forward some really compelling pitches to share in the funding,” Z’s Community Manager Christine Langdon said.
The Child Cancer Foundation was a top favourite, with five of its branches selected across the country. They have received $60,000 to establish a pilot programme to help newly diagnosed children keep in touch with their family, classmates and teachers.
Z Supercharger funding will enable the Child Cancer Foundation to purchase tablets loaded with specially-designed apps to help children undergoing cancer treatment in Auckland and Christchurch to understand what they are going through, and to stay connected with their school, family and friends at home — which in most instances is in another town or city.
“We’re thrilled that Good in the Hood Supercharger funding will enable 14 outstanding groups to do even more good in our local communities. For some of the groups it means they can do projects this year that they wouldn’t have had the funding to otherwise do,” says Christine.
“We’re also thrilled that we were able to partner with Toyota New Zealand to do even more good for two groups that were looking for Supercharger funding to buy vehicles.”
Toyota New Zealand has contributed significantly to help Sweet Louise to get a nurse on the road in Palmerston North and the Disabled Citizens Society in Otago to purchase a van to move around equipment needed for its work and training centre.
“We reckon that’s incredibly generous of Toyota and will make a huge difference for the groups and the people they work with.”
The Supercharger groups are among hundreds across New Zealand to be part of Z’s Good in the Hood programme this year. Those groups have already shared in close to $1 million — with $4,000 divided between four neighbourhood groups at each Z station, depending on how customers voted in Z stores during May.
Another $1,000 per station has also been set aside for Z’s local Retailers to support other neighbourhood groups and projects throughout the year.
The 14 Supercharged groups are:

Fourteen neighbourhood groups have been ‘supercharged’ for 2015 with a share of $250,000 from Z Energy.

The Good in the Hood Supercharger funding will deliver benefits in communities across New Zealand — from helping the Child Cancer Foundation launch a new programme to keep families in touch to getting a Sweet Louise nurse on the road in Palmerston North and opening a new clinic for victims of sexual assault in the Bay of Plenty.

The 14 worthy groups were supported this year through Z’s Good in the Hood programme and selected for Supercharger based on voting by Z customers and frontline staff at Z stations. 

New Zealanders also had their say about how the money was allocated, posting hundreds of comments on the groups’ video pitches explaining what they’d do with extra funding at z.co.nz.

The decision on how to allocate the funding was made by a panel led by Z Chief Executive Mike Bennetts, and including frontline service station staff and operators.

“The groups are all doing an incredible amount of good in our communities and they put forward some really compelling pitches to share in the funding,” Z’s Community Manager Christine Langdon said.

The Child Cancer Foundation was a top favourite, with five of its branches selected across the country. They have received $60,000 to establish a pilot programme to help newly diagnosed children keep in touch with their family, classmates and teachers.

Z Supercharger funding will enable the Child Cancer Foundation to purchase tablets loaded with specially-designed apps to help children undergoing cancer treatment in Auckland and Christchurch to understand what they are going through, and to stay connected with their school, family and friends at home — which in most instances is in another town or city.

“We’re thrilled that Good in the Hood Supercharger funding will enable 14 outstanding groups to do even more good in our local communities. For some of the groups it means they can do projects this year that they wouldn’t have had the funding to otherwise do,” says Christine.

“We’re also thrilled that we were able to partner with Toyota New Zealand to do even more good for two groups that were looking for Supercharger funding to buy vehicles.”

Toyota New Zealand has contributed significantly to help Sweet Louise to get a nurse on the road in Palmerston North and the Disabled Citizens Society in Otago to purchase a van to move around equipment needed for its work and training centre.

“We reckon that’s incredibly generous of Toyota and will make a huge difference for the groups and the people they work with.”

The Supercharger groups are among hundreds across New Zealand to be part of Z’s Good in the Hood programme this year. Those groups have already shared in close to $1 million — with $4,000 divided between four neighbourhood groups at each Z station, depending on how customers voted in Z stores during May.

Another $1,000 per station has also been set aside for Z’s local Retailers to support other neighbourhood groups and projects throughout the year.

The 14 Supercharged groups are:

 

Successful groups Region Amount Purpose
Blind Foundation Auckland $18,000 Guide dog centre upgrade
Coastguard Hibiscus Auckland $10,000 Towards floating dock purchase
Mana Volunteer Coastguard Wellington $10,000 Towards floating dock purchase
Sweet Louise Manawatu / Taranaki $18,000 Vehicle and fuel
Bay of Plenty Sexual Assault Services Bay of Plenty $20,000 New support service in Whakatane
Life Education Counties Manukau $18,000 Take their mobile classroom to 1000 more children
Disabled Citizens Society Otago $37,000 New forklift and vehicle to support employment creation
Child Cancer Foundation Auckland, Hamilton, Hastings, Wellington, Otago/Southland $60,000 Keeping Families in touch pilot programme
Canterbury West Coast Air Rescue Christchurch $8,625 Air mission funding (one mission)
Westpac Rescue Helicopter Waikato Waikato $10,000 Winch trainer upgrade for night training
Camp Quality Christchurch $5,500 Summer camp activities for 55 children living with cancer
Heart Kids Waikato $13,000 Parents' conference, family get-togethers and fuel
Wellington Free Ambulance Wellington $10,000 Towards putting another ambulance on the road
St John Christchurch $12,000 Train 12 additional volunteers

 

For more information or to arrange an interview with Z or a Supercharger group, contact Christine Langdon, Community Manager, on 04 498 0223 or christine.langdon@z.co.nz

09/07/2015

Z to supercharge local groups’ 2015 with $250,000

Neighbourhood groups doing extra good in their hoods have been selected to receive a share of $250,000 from Z Energy to help ‘supercharge’ their 2015.

The 14 groups were chosen after in-store voting for Good in the Hood by customers at every Z site throughout May, and then regional voting by Z site staff.

Now it’s up to New Zealanders to tell Z how they reckon the funding should be allocated between the successful groups.

The groups range from Mana Volunteer Coastguard and Bay of Plenty Sexual Assault Support Services in the North, to Camp Quality Christchurch and Disabled Citizens Society Otago in the South. The Child Cancer Foundation was also a top favourite, with five of its branches selected across the country.

Inspiring video pitches from all the groups about what they’d do with extra funding in 2015 are available from now until 19 July at Z.co.nz, and the public is being invited to tell Z what they reckon. Groups could receive anything from $1,000 to $100,000.

The final decision on how to share the $250,000 will be made on 20 July by a panel led by Z Chief Executive Mike Bennetts.

Z Community Manger Christine Langdon says the panel will have some tough decisions to make. “Ultimately, they’ll be looking to allocate the $250,000 in a way that will help people who need it in our communities around NZ.

“The chosen groups do a power of good in their local communities and we’re delighted to be supporting them through Good in the Hood Supercharger.”

The Supercharger groups are among hundreds across New Zealand to be part of Z’s Good in the Hood programme this year. Those groups have already shared in close to $1 million — with $4,000 divided between four neighbourhood groups at each Z station, depending on how customers voted in Z stores during May.

Another $1,000 per station has also been set aside for Z’s local Retailers to support other neighbourhood groups and projects throughout the year.

For a full list of successful Supercharger groups, and to view their pitch videos, visit www.z.co.nz/goodinthehood 

01/07/2015

Commerce Commission application filed

Z Energy today said its application to the Commerce Commission for the company’s acquisition of Chevron New Zealand has been filed and is now available on the Commission’s website at www.comcom.govt.nz.
Z Chief Executive Mike Bennetts said anytime competitors merged it was appropriate for the competitive implications to be thoroughly examined. He said while the application was for a significant transaction, the company was confident in the strength of its application and looked forward to working with the Commission to process it.
Key points in Z’s application are that:
 Global fuel companies are likely to continue to look to exit small, mature markets like New Zealand and Z, as a local company that only services the domestic market, is the best buyer of these assets for New Zealand
 New Zealand’s liquid fuel supply chain is currently operated in a range of joint ventures, so there is no lessening of competition across the supply chain
 The Caltex and Z branded service station networks are largely complementary in that significant consumer choice will remain following the transaction. For example, across New Zealand there are just five instances of where there is only a Z and a Caltex-branded service station together within a radius of five kilometres
 The business models of the two brands are completely different and again complementary, with Caltex-branded service stations owned and operated by independent business people who set their own fuel prices.
Z Energy said the process of working through the application with the Commission would now continue and was expected to take a number of months.

Z Energy today said its application to the Commerce Commission for the company’s acquisition of Chevron New Zealand has been filed and is now available on the Commission’s website at www.comcom.govt.nz.

Z Chief Executive Mike Bennetts said anytime competitors merged it was appropriate for the competitive implications to be thoroughly examined. He said while the application was for a significant transaction, the company was confident in the strength of its application and looked forward to working with the Commission to process it.

Key points in Z’s application are that:

 Global fuel companies are likely to continue to look to exit small, mature markets like New Zealand and Z, as a local company that only services the domestic market, is the best buyer of these assets for New Zealand

 New Zealand’s liquid fuel supply chain is currently operated in a range of joint ventures, so there is no lessening of competition across the supply chain

 The Caltex and Z branded service station networks are largely complementary in that significant consumer choice will remain following the transaction. For example, across New Zealand there are just five instances of where there is only a Z and a Caltex-branded service station together within a radius of five kilometres

 The business models of the two brands are completely different and again complementary, with Caltex-branded service stations owned and operated by independent business people who set their own fuel prices.

Z Energy said the process of working through the application with the Commission would now continue and was expected to take a number of months.

05/06/2015

Z announced as Best Employer

Z Energy has been announced as a 2015 Aon Hewitt Best Employer. The award recognises
Z as one of New Zealand’s best employers.
This annual award recognises the best employers across New Zealand and Australia by examining 
employee engagement scores and people practices.
Z Chief Executive, Mike Bennetts said the company is really proud to be recognised as a best 
employer in New Zealand and believes it’s a real testament to the company’s commitment to its 
people.
“Being recognised as a best employer truly reflects the investment we’ve made in our people, 
culture, and leadership practices since day one,” says Mike.
Z is the only Best Employer across Australasia who is also accredited as an Aon Hewitt Top Company 
for Leaders.
Z’s focus on people and leadership has come from the bottom up, with its company values and 
leadership framework being generated by simply asking its people what mattered to them.
“Each area of employee engagement and leadership has been developed by our people, for our people.
“Taking this approach has meant our people are fully engaged in what the company stands for, 
because ultimately it’s what they already stood for and expected as individuals.”
One area that Z has focussed on is its leadership framework which links directly to business 
outcomes, including financial performance measures.
“We invest in the growth and development of our people because we ultimately believe that it is our 
people who deliver our results.
3 Queens Wharf
PO Box 2091
Wellington 6140 New Zealand
0800 474 355
z.co.nz
“It is through demonstrating extraordinary leadership our people are able to deliver the 
extraordinary results that our stakeholders and shareholders expect.
Z firmly stands behind research that points to organisations with high employee engagement 
outperforming their peers and has seen this play out within the company.
“We’re very proud to be recognised as a best employer, however we realise that we must continue to 
be relentless in this space,” said Mike.
The Best Employer recognition adds to Z’s other recent acknowledgements, with the company also 
being listed as New Zealand’s second most reputable company in the Colmar Brunton Top 20 Reputation 
Index last month.

Z Energy has been announced as a 2015 Aon Hewitt Best Employer. The award recognises Z as one of New Zealand’s best employers.

This annual award recognises the best employers across New Zealand and Australia by examining employee engagement scores and people practices.

Z Chief Executive, Mike Bennetts said the company is really proud to be recognised as a best employer in New Zealand and believes it’s a real testament to the company’s commitment to its people.

“Being recognised as a best employer truly reflects the investment we’ve made in our people, culture, and leadership practices since day one,” says Mike.

Z is the only Best Employer across Australasia who is also accredited as an Aon Hewitt Top Company for Leaders.

Z’s focus on people and leadership has come from the bottom up, with its company values and leadership framework being generated by simply asking its people what mattered to them.

“Each area of employee engagement and leadership has been developed by our people, for our people.

“Taking this approach has meant our people are fully engaged in what the company stands for, because ultimately it’s what they already stood for and expected as individuals.”

One area that Z has focussed on is its leadership framework which links directly to business outcomes, including financial performance measures.

“We invest in the growth and development of our people because we ultimately believe that it is our people who deliver our results. 3 Queens Wharf

“It is through demonstrating extraordinary leadership our people are able to deliver the extraordinary results that our stakeholders and shareholders expect.

Z firmly stands behind research that points to organisations with high employee engagement outperforming their peers and has seen this play out within the company.

“We’re very proud to be recognised as a best employer, however we realise that we must continue to be relentless in this space,” said Mike.

The Best Employer recognition adds to Z’s other recent acknowledgements, with the company also being listed as New Zealand’s second most reputable company in the Colmar Brunton Top 20 Reputation Index last month.

02/06/2015

Z Energy to acquire Chevron transport fuel business

Z Energy has signed an agreement with a subsidiary of Chevron Corporation to acquire 100 per cent of Chevron New Zealand.
The acquisition is subject to clearance under the Commerce Act 1986 and consent of the Overseas Investment Office (OIO).
Z is paying NZ$785 million for all of the shares of Chevron New Zealand, the owner of Chevron’s downstream operations in New Zealand, including Chevron-owned service stations and lubricant interests. The proposed acquisition excludes Chevron’s upstream interests and Chevron New Zealand recently sold its shareholding interest in Refining NZ.
Z Energy Chief Executive, Mike Bennetts, said the acquisition was a major opportunity in the company’s development, with substantial advantages for the New Zealand market.
“Z is a Kiwi company, all of our people live here and we’re all completely focused only on serving the New Zealand market and Kiwi customers. Over the past five years we have proven our commitment to New Zealand as demonstrated through our investment in local communities, new customer offers like pay at pump, and developing alternative renewable fuels through a $25 million investment in the country’s first commercial scale biodiesel plant.
“Customers can expect us to continue to provide service and choice by investing in new offers, there will be new jobs created as we bring back roles from offshore, and our many shareholders can expect to benefit from a more efficient company.”
Mike Bennetts said Z is the best positioned and most logical buyer of the Caltex business both for the future of the industry and for New Zealand.
“Like the creation of Z five years ago, this acquisition bucks the trend of Kiwi companies being sold offshore. Instead, this transaction represents another example of bringing the New Zealand operations of a multinational company directly into the ownership and exclusive operation of a company that has recently been recognised as having one of the strongest and most trusted corporate reputations in New Zealand,” he said.
3 Queens Wharf
PO Box 2091
Wellington 6140
New Zealand
0800 474 355
z.co.nz
“The New Zealand transport fuels market is and will remain highly competitive,” he said. “As New Zealanders know, Z and Caltex are only two players in a very dynamic marketplace in which there are currently five importers of refined fuel and crude oil and where motorists have the choice of at least a dozen fuel retailers.”
There will be benefits for the expanded company from procurement, operating cost and supply chain efficiencies achievable under common ownership and systems.
Mike Bennetts said Z will operate two brands throughout the combined service station network. Z will continue with its new build programme on prime sites around New Zealand, and on delivering choice and the best possible service to New Zealand motorists and transport operators.
“The acquisition is also a great fit with our longer term market growth strategy. Caltex is a successful and highly attractive business in New Zealand and the acquisition means we can use the scale of the combined operation for the expanded supply of biodiesel to a broader market.”
Mike Bennetts said the Commerce Commission and Overseas Investment Office processes were expected to take some months. “It is very much business as usual for Z, with a continued focus on safety, people and operational excellence.”
The transaction will be financed through a combination of existing cash, committed term debt and standby facilities together with an expected underwritten pro rata equity raising which will occur closer to settlement.
Z is advised by Goldman Sachs New Zealand Limited, together with Minter Ellison Rudd Watts, Chapman Tripp and PwC.

Z Energy has signed an agreement with a subsidiary of Chevron Corporation to acquire 100 per cent of Chevron New Zealand.

The acquisition is subject to clearance under the Commerce Act 1986 and consent of the Overseas Investment Office (OIO).

Z is paying NZ$785 million for all of the shares of Chevron New Zealand, the owner of Chevron’s downstream operations in New Zealand, including Chevron-owned service stations and lubricant interests. The proposed acquisition excludes Chevron’s upstream interests and Chevron New Zealand recently sold its shareholding interest in Refining NZ.

Z Energy Chief Executive, Mike Bennetts, said the acquisition was a major opportunity in the company’s development, with substantial advantages for the New Zealand market.

“Z is a Kiwi company, all of our people live here and we’re all completely focused only on serving the New Zealand market and Kiwi customers. Over the past five years we have proven our commitment to New Zealand as demonstrated through our investment in local communities, new customer offers like pay at pump, and developing alternative renewable fuels through a $25 million investment in the country’s first commercial scale biodiesel plant.

“Customers can expect us to continue to provide service and choice by investing in new offers, there will be new jobs created as we bring back roles from offshore, and our many shareholders can expect to benefit from a more efficient company.”

Mike Bennetts said Z is the best positioned and most logical buyer of the Caltex business both for the future of the industry and for New Zealand.

“Like the creation of Z five years ago, this acquisition bucks the trend of Kiwi companies being sold offshore. Instead, this transaction represents another example of bringing the New Zealand operations of a multinational company directly into the ownership and exclusive operation of a company that has recently been recognised as having one of the strongest and most trusted corporate reputations in New Zealand,” he said.

“The New Zealand transport fuels market is and will remain highly competitive,” he said. “As New Zealanders know, Z and Caltex are only two players in a very dynamic marketplace in which there are currently five importers of refined fuel and crude oil and where motorists have the choice of at least a dozen fuel retailers.”

There will be benefits for the expanded company from procurement, operating cost and supply chain efficiencies achievable under common ownership and systems.

Mike Bennetts said Z will operate two brands throughout the combined service station network. Z will continue with its new build programme on prime sites around New Zealand, and on delivering choice and the best possible service to New Zealand motorists and transport operators.

“The acquisition is also a great fit with our longer term market growth strategy. Caltex is a successful and highly attractive business in New Zealand and the acquisition means we can use the scale of the combined operation for the expanded supply of biodiesel to a broader market.”

Mike Bennetts said the Commerce Commission and Overseas Investment Office processes were expected to take some months. “It is very much business as usual for Z, with a continued focus on safety, people and operational excellence.”

The transaction will be financed through a combination of existing cash, committed term debt and standby facilities together with an expected underwritten pro rata equity raising which will occur closer to settlement.

Z is advised by Goldman Sachs New Zealand Limited, together with Minter Ellison Rudd Watts, Chapman Tripp and PwC.

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