| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 8 May 2014 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 121.2809 hectares of land at 14 Gilbert Road, Pukearuhe, Taranaki. |
| Consideration | $1,270,000 |
| Applicant | Maui Development Limited Royal Dutch Shell plc, United Kingdom (83%) OMV Aktiengesellschaft, Austria (10%) The Todd Corporation Limited, New Zealand (7%) |
| Vendor | Shane Richard McDonald and Philip Jackson Armistead as trustees of the Liberty No 1 Trust and the Liberty No 2 Trust New Zealand (100%) |
| Background | The Applicant owns and operates the Maui gas transmission pipeline, the largest capacity high-pressure gas transmission pipeline in New Zealand. In October 2011, a gas leak occurred in a section of the pipeline and caused significant disruption to businesses and services in the top half of the North Island. The leak has been repaired but the pipeline requires further work to ensure its long-term reliability. The Applicant is acquiring the land in order to facilitate those remediation works. 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 Bougen Chapman Tripp PO Box 993 WELLINGTON 6140 |