
Super Fund sells down Z Energy stake
The Super Fund has made more than $1 billion from its investment in the energy company.
The Super Fund has made more than $1 billion from its investment in the energy company.
Z Energy is confident of the savings it can make from the $785m acquisition of Chevron's Caltex and Challenge! chains.
Z Energy is about to open the country's first commercial scale biofuels plant in a bid to become part of the emissions solution.
The company said earnings had been impacted by the settlement of its dispute with Customs.
Z Energy is allowed to buy Caltex and Challenge! petrol stations, but must sell 19 of its retail sites.
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Z Energy pumps more than two billion litres of fuel a year but is now getting into the business of rapidly shifting electrons into cars.
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New Zealand-owned fuel company Z Energy has apologised to a small group of "Z Card" business customers for accidentally overcharging.
Fuel company Z says it has built New Zealand's first commercial-scale biodiesel plant, at Wiri, for $26 million.
Z Energy says committing to using biofuel is one way people can contribute to the global effort to reduce climate change outlined in the Paris Agreement.
Mike Bennetts has driven Z Energy since its inception and this year has been a particularly strong one for shareholders.
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Infratil, the investment company managed by Wellington-based investment bank Morrison & Co, posted a 14 percent gain in first-half pretax earnings.
The recent rally in Z shares convinced Infratil and the Super Fund that it was time to sell.
Z Energy is warning it's facing a potential multi-million dollar bill from NZ Customs - backdated to 1986.
BP New Zealand generated its smallest earnings in more than a decade due to falling oil prices.
The Commerce Commission has indicated a timeframe on when it expects to make a decision the acquisition.
Z Energy, the listed service station chain, said its planned $785 million purchase of rival Chevron New Zealand's Caltex-branded network won't drive up prices at the pump because the target doesn't....
The boss of a Z Energy rival says its planned acquisition of Caltex operator Chevron NZ could impact competition in the fuel market.
The massive rally in Z Energy shares, sparked by the firm's plans to acquire a rival, should raise competition concerns for the Commerce Commission, says a market source.
The sale of Caltex is another example of the exodus of multi-national oil companies from the New Zealand market.
Z Energy shares have soared 21 per cent on news it has bought the Caltex chain of gas stations.
Z Energy says work has slowed on its $20 million biodiesel plant but it will be finished in the next nine months.
Z Energy posted a 10 per cent increase in full-year operating earnings, as fuel and refining margins improved and the service station chain sold more fuel.
A new report claims to have disproved a well established urban myth that petrol companies are quick to raise petrol prices, but slow to drop them when prices fall.
The sharp fall in oil prices is set to continue benefiting consumers but could delay exploration projects around New Zealand.