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Posts on ‘December 28th, 2018’

Shell completes £450m New Zealand divestment

Oil giant Shell today announced that it had finished offloading shares in its New Zealand business to Austrian oil company OMV.

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The £456m sale includes Shell’s interest in the Maui, Pohokura, and Tank Farm assets, and operatorship of the Great South Basin venture, which was subject to a separate agreement.

Shell said the deal was part of the firm’s effort to simplify its portfolio.

The company also confirmed that employees of Shell Taranaki and Shell NZ 2011 are now part of OMV New Zealand.

Zoe Yujnovich, Shell’s vice president in Australia and New Zealand, said: “We are proud of having worked in New Zealand for more than 100 years and completion of the sale to OMV marks an important milestone in the company’s history. read more

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