| Decision number | 200720021 |
|---|---|
| Application number | 200710084 |
| Date | 4 September 2007 |
| Offeror/applicant | Mobil Oil New Zealand Limited |
| Ultimate applicant beneficial ownership | 100 percent - United States of America, ExxonMobil Corporation |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Tauranga District Council of New Zealand |
| Business activities | Wholesale & Retail Trade - Personal & Household Goods |
| Details of land involved | 0.33 hectares of leasehold situated at 60 Chapel Street, Tauranga being CT 251175 (South Auckland Registry). |
| Regions involved | Bay of Plenty/Coromandel |
| Total consideration | $1,043,997 |
| Consent sought -1995 Regs | To acquire an estate or interest in land which an estate or interest in land which exceeds 0.2 hectares and includes/adjoins the foreshore. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. Mobil Oil New Zealand Limited (Mobil) entered into an agreement to lease with the Tauranga City Council in respect of the premises located at Chapel Street, Tauranga to develop and operate that site for use as a service station. Mobil considers that the site is strategically important as it is located in an area easily accessible to the public and is amenable to traffic travelling to and from Tauranga. The proposal is likely to result in the following benefits:
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| Contact | Wharerimu Iraia/Matt Keenan Russell McVeagh PO Box 8 AUCKLAND |