Shell appoints UBS

Shell is making progress on the sale of its downstream operations in New Zealand with the appointment of UBS to seek formal expressions of interest.

Shell is looking to sell 230 service stations, its 17 per cent shareholding in the Marsden Pt oil refinery, aviation, bitumen, chemicals, commercial fuel, distribution and supply and marine business and 25 per cent holding in the operator of Fly Buys.

Its stake in Fulton Hogan and three gas and oil fields in Taranaki are not for sale.

A spokeswoman said no buyers had been identified but expressions of interest were expected by August.