Chevron has raised NZ$785mn ($558mn) from the sale of its chain of 146 Caltex branded petrol stations and 10 terminals in New Zealand to domestic independent Z Energy.
Z Energy will acquire all of Chevron New Zealand, which also includes 2mn bl of oil product inventories, and a lubricant sales and distribution business. Chevron New Zealand currently buys 67pc of its product from the 139,000 b/d New Zealand Refining (NZR) at Marsden Point and imports the remainder.
Chevron's sale of the New Zealand assets follows the offloading of its Australian assets through the A$4.7bn ($3.6bn) sale 50pc of its stake in Caltex Australia to Australian institutional investors.
Z Energy was formed as part of Shell's strategy to exit the New Zealand downstream market in 2011.
The deal will not increase Z Energy's stake in NZR, the owner of the country's only refinery. Z Energy will keep its 15.3pc stake in NZR, after Chevron's agreed last month to sell its 11.4pc stake to institutional investors through a bookbuild. Z Energy does gain Chevron's 21pc refining allocation with NZR. BP owns 21.2pc of NZR and ExxonMobil 17.2pc.
Chevron's departure from New Zealand is part of its plans to raise $15bn through asset sales in 2014-17, including around $6bn it raised last year.
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