Media Releases

Commerce Commission registers Z Energy’s application for clearance to acquire Chevron New Zealand

1 July 2015

The Commerce Commission has registered an application from Z Energy Limited (Z) seeking clearance to acquire 100% of the shares in Chevron New Zealand Limited (Chevron), the owner of the Caltex brand in New Zealand.

The proposed acquisition relates to Z and Chevron’s activities across a wide range of markets.

Z is a shareholder in New Zealand’s oil refinery at Marsden Point and also has interests in fuel and bitumen storage, pipelines and logistic services used for the distribution of petroleum products around New Zealand. Z supplies wholesalers and commercial customers with a range of products including petrol, diesel, aviation fuels, marine fuels and bitumen. Z also retails petrol and diesel through its Z-branded service stations.

Chevron recently sold its shareholding in The New Zealand Refining Company Ltd but, like Z, it has interests in fuel and bitumen storage, distribution pipelines and logistic services throughout New Zealand. Chevron also supplies wholesalers and commercial customers with a broad range of refined products including petrol, diesel, aviation fuels, marine fuels and bitumen. It retails petrol and diesel through its Caltex service stations.

A public copy of Z’s application can be found on the clearances register.

Background

When considering a proposed merger or acquisition, the Commission must decide whether the competition that is lost in a market when two businesses merge is substantial.

We will give clearance to a proposed merger only if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market.

A fact sheet explaining how the Commission assesses a merger application is available on the clearances page.