13 May 2009

One buyer sought by Shell

10:32 am on 13 May 2009

Shell is looking to sell all its downstream operations bar Fulton Hogan as one going concern.

In February, Shell New Zealand, which is owned by Royal Dutch Shell, started a strategic review of its assets in New Zealand.

It's understood Shell is seeking formal expressions of interest for its operations. These include 230 petrol stations and holdings in Flybuys and the New Zealand Refining Company.

Investment bank UBS has been employed to start the process.

A list of interested parties is expected to be compiled by early August.

Shell will continue to own its upstream interests in a number of gas fields.

Meanwhile, the Australian Financial Review reports that ExxonMobil may sell its 800 petrol stations across the Tasman for $A500 million.