By Gavin Evans
March 29 (Bloomberg) — Royal Dutch Shell Plc has agreed to sell its New Zealand downstream assets to Infratil Ltd. and the Guardians of New Zealand Superannuation for NZ$696.5 million ($492 million.)
The purchase, which remains conditional on funding and regulatory approval, will be funded with NZ$420 million of equity and a NZ$600 million banking facility, Wellington-based Infratil said in a statement to the New Zealand stock exchange.
Shell, Europes biggest oil company, is selling its New Zealand fuel retailing and refining interests as part of a global strategy to focus on oil and gas production in expanding markets. It agreed in November to negotiate exclusively with the Infratil-led venture on the sale of the groups 229 filling stations, port terminals and a 17 percent stake in New Zealand Refining Co.