Sydney-headquartered fuel importer and refiner Caltex Australia Pty. Ltd. has made its first move into New Zealand with the acquisition of importer and distributor Gull New Zealand for $340 million (NZ).
The deal provides Caltex with a fuel import terminal at Mount Maunganui on the North Island as well as the company’s retail outlets throughout the North Island.
The move follows Caltex’s purchase last month of Victorian retailer Milemaker Petroleum for $95 million (Aus.) that gave Caltex control of 46 service stations in Victoria, Australia.
Caltex closed its Kurnell refinery in Sydney several years ago and has established a major fuel import facility on that site. It has also established a buying and trading arm in Singapore to supply its Australian operations.
The New Zealand acquisition of Gull increases its infrastructure and enhances the company’s retail fuel supply through a low-risk entry into a new market.
Gull operates 77 retail sites and operates a further 22 supply sites. The company sells about 300 million l./year of transport fuel, equivalent to 5% of the New Zealand market.
The Mount Maunganui terminal has a total storage capacity of 90 million l.
Caltex said it will retain the Gull brand, management and employees.