Shell Sheds NZ Gas Stations, Refinery For $490M

Law360, New York (March 29, 2010, 3:41 PM EDT) -- Royal Dutch Shell PLC has sold its nearly century-old downstream businesses in New Zealand for NZ$696 million (US$490 million), as the company continues to focus on investing in growing markets.

Shell announced Sunday it had made a cash sale agreement with a joint venture composed of infrastructure company Infratil Ltd. and pension fund Guardians of New Zealand Superannuation.

The sale includes 220 service stations and Shell's 17.1 percent stake in the Marsden Point refinery, which produces 104,000 barrels a day, the company said.

Shell will continue...
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