U.S. Firm Looking to Purchase New Zealand’s Most Strategic Asset
July 24th, 2009I’ve said it before and I’ll say it again:
I don’t know who’s behind the wheel of this thing, but it’s not Kiwis. There is some kind of insidious, international banking octopus thing happening here. New Zealand politicians are selling their own country out to a global criminal elite that is going to eat this land alive and spit what remains out into the sea.
So it goes…
Via: Stuff:
Valero Energy, the biggest US oil refiner, may be seeking to buy this country’s sole oil refinery the New Zealand Refining Company, Bloomberg News reported.
The report comes after The Independent revealed yesterday that Exxon Mobil was looking to sell its New Zealand petrol stations, tank farms and 19.2 percent stake in NZ Refining. Shell also has a series of Kiwi assets on the block including its 17.4 percent NZ Refining stake.
That means a total of 36.34 percent of NZ Refining is up for sale. Other major shareholders in the Marsden Point-based refiner include BP with 23.66 percent, Chevron with 12.69 percent and the Canadian owned Emerald Capital with 13.12 percent.
Bloomberg reported that the San Antonio-based Valero might seek either full ownership of, or a stake in, NZ Refining. Under the Takeovers Code any offer for 20 percent or more of a listed company must be extended to all shareholders.
Valero has increased efforts to expand overseas this year because of concern that US climate legislation could cut the profitability of its domestic plants, Bloomberg noted.
In a move expected to encourage foreign interest in New Zealand assets, Finance Minister Bill English said yesterday the Government was looking to abolish the controversial foreign ownership strategic asset test. It was introduced by the previous Labour-led government to block Canadian interests from buying into Auckland International Airport.
English said the test was never properly defined and created considerable confusion and uncertainty. In its place as a final reserve power English said the Government might introduce a new national interest test similar to those used in other countries.
