| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 14 October 2016 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold and/or freehold interest in approximately 15ha of land at Mokoia Road, Mokoia - Part of Section 586 Patea District. |
| Consideration | $10,000,000 |
| Applicant | WestSide New Zealand Limited China, People's Republic of (100%) |
| Vendor | Origin Energy Resources NZ (Rimu) Limited Australian Public (39%) United States Public (8%) Asian Public (5%) United Kingdom Public (5%) New Zealand Public (0.31%) Various overseas (42.69%) |
| Background | The sensitive land is the site of an oil and gas production facility (the Rimu Production Station). The Applicant intends to continue to use and develop the existing business to increase production of oil and gas from the Station and associated assets. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Chris Gordon Bell Gully PO Box 1291 WELLINGTON |