| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 6 April 2016 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in approximately 0.3161 hectares of land at 170 Fryatt Street, Dunedin. |
| Consideration | $634,029 |
| Applicant | Chevron New Zealand Chevron Corporation, United States of America (100.0%) |
| Vendor | Port Otago Limited New Zealand (100%) |
| Background | This is a retrospective application which relates to the Applicant’s acquisition of a leasehold interest in land. The Applicant has developed the relevant land into a diesel refuelling facility. The development of the Dunedin Diesel Stop created several FTE jobs during the construction period and required the introduction of significant development capital. The Dunedin Diesel Stop opened in September 2013. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Susie Kilty Buddle Findlay PO Box 2694 WELLINGTON 6140 |
| Retrospective penalty | $6,000 |