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Hindustan Petroleum Mulls Plan To Buy Shell NZ Assets-Source

THE WALL STREET JOURNAL

July 14, 2009

By Sunil Raghu

Of DOW JONES NEWSWIRES

MUMBAI (Dow Jones)–Hindustan Petroleum Corp. Ltd. (500104.BY) is considering a plan to acquire most of the downstream assets of Royal Dutch Shell Group (RD) in New Zealand, said a person with direct knowledge of the matter.

“HPCL appointed PricewaterhouseCoopers as its consultant for the deal last week,” the person, who didn’t wish to be named, told Dow Jones Newswires recently.

A senior executive of HPCL, on condition of not being named, said also that the acquisition plan is in the initial stages.

“It is too premature at this stage to talk about the issue,” he said.

HPCL Chairman Arun Balakrishnan, however, denied that the company is planning to acquire Shell’s downstream assets in New Zealand.

Shell New Zealand Ltd., a unit of Royal Dutch Shell, had in May this year appointed UBS AG (UBS) to sell the bulk of its downstream assets.

-By Sunil Raghu, Dow Jones Newswires: +91-11-4356-3305; [email protected]

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