| Decision | Consent granted Section 12(1)(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision Date | 11 April 2022 |
| Pathway(s) | Benefit to New Zealand (Benefit to New Zealand - S&I) and significant business assets |
| Investment | 1 Hudson Road, Warkworth, Auckland |
| Asset Value | Approximately NZ$1.96 billion |
| Applicant | Ampol Limited Australia (99.06%) New Zealand (0.49%) Various (0.45%) |
| Vendor | Z Energy Limited New Zealand (55.43%) Australia (29.49%) United States of America (8.76%) United Kingdom (1.76%) United Arab Emirates (1.29%) Switzerland (1.00%) Various (2.27%) |
| Background | The Applicant is a widely-held ASX-listed petroleum refiner, importer, marketer, and distributor operating in Australia. The Applicant seeks consent under the Act to acquire 100% of the shares of Z Energy Limited (Z Energy) through a Scheme of Arrangement, which will result in the Applicant indirectly acquiring sensitive land owned or leased by Z Energy. The investment is likely to result in a substantial amount of additional investment focused on the development of future energy initiatives, improving infrastructure, and Z Energy initiatives to expand its retail network and refresh its convenience stores. The investment is also likely to result in the creation of new jobs within the Z Energy business through cadetship and graduate recruitment programmes. The investment is further likely to support government policies regarding climate change and security of fuel supply. Consent was granted to the investment because the benefit likely to occur as a result of the investment was considered substantial and identifiable. |
| More information | Andrew Petersen Bell Gully (Auckland) Level 21, Vero Centre 48 Shortland Street Auckland 1010 |