WELLINGTON, New Zealand – Royal Dutch Shell PLC is selling its century-old distribution and retail business in New Zealand, including hundreds of gas stations and a share in the country's only oil refinery, for 696 million New Zealand dollars ($490 million).
Europe's largest oil company said Monday the assets will be sold to New Zealand infrastructure investor Infratil Ltd. and the Guardians of New Zealand Superannuation, as part of its plan to reduce its exposure to refining and focus on growth markets.
Infratil Ltd. said the agreement, scheduled to be completed Thursday, is conditional on the drawdown of bank facilities, which have been signed, and finalizing certain third-party consents.
The base purchase price was $490 million plus an adjustment for actual net working capital in excess of $146 million at settlement date.
In addition to an extensive retail network and commercial customer base, the purchase involves nationwide distribution, storage, marine and aviation assets, rights to use Shell's retail brand and the ongoing supply of Shell fuels and products.
Shell's decision to sell because of changes in the global oil market had presented a "once in a generation" opportunity, Infratil managing director Marko Bogoievski said.
"The goal from here is to continue to provide high-quality fuels at competitive prices and to leverage the benefits of a New Zealand-owned and managed downstream business," he said in a statement.
Until now, minor energy supplier Challenge has been the only locally-owned fuel provider in a market dominated by transnational groups.
Monday, March 29, 2010
A bomb scare blamed on a passenger who had been drinking
A bomb scare blamed on a passenger who had been drinking caused a five-hour delay in Sunday's return to Port Canaveral for the Carnival Cruise Ship Sensation, authorities said.
No bomb was found and Brevard County deputies arrested a Virginia man accused of starting the scare.
The ship was on its way back from Nassau, Bahamas, early Sunday when witnesses heard the "highly intoxicated" passenger say that "a bomb was about to explode," and "We are Jihad," said U.S. Coast Guard Petty Officer 1st Class Christopher Evanson.
"In 2010, in today's age, you can't take that lightly," Evanson said.
The Coast Guard, FBI and Brevard deputies boarded Sensation at about 9:30 a.m. and after interviewing witnesses and the suspect, determined there was no bomb. Ibrahim Khalil Zarou, 31, was arrested at 10:15 a.m.
He was being held Sunday night on a charge of falsely threatening to detonate a bomb, Brevard jail officials said. Bail was set at $10,000.
Although the delay complicated connections for some the Sensation's 3,470 passengers, "You can't put a time [limit] on safety and security," Evanson said
A sheriff spokesman said the case is being turned over to the Coast Guard and FBI.
No bomb was found and Brevard County deputies arrested a Virginia man accused of starting the scare.
The ship was on its way back from Nassau, Bahamas, early Sunday when witnesses heard the "highly intoxicated" passenger say that "a bomb was about to explode," and "We are Jihad," said U.S. Coast Guard Petty Officer 1st Class Christopher Evanson.
"In 2010, in today's age, you can't take that lightly," Evanson said.
The Coast Guard, FBI and Brevard deputies boarded Sensation at about 9:30 a.m. and after interviewing witnesses and the suspect, determined there was no bomb. Ibrahim Khalil Zarou, 31, was arrested at 10:15 a.m.
He was being held Sunday night on a charge of falsely threatening to detonate a bomb, Brevard jail officials said. Bail was set at $10,000.
Although the delay complicated connections for some the Sensation's 3,470 passengers, "You can't put a time [limit] on safety and security," Evanson said
A sheriff spokesman said the case is being turned over to the Coast Guard and FBI.
Christian Militia Raid: Were the Hutaree Targeted for Threats Against Muslims
Investigators are expected to release more information today in the raid on a Christian militia group, with one person involved in the militia movement suggesting the shadowy group had made threats against Muslims.
The Huttaree group claims Jesus is their "top general."
"Obviously someone has a source or a wiretap or intel is coming to them in some form or fashion to trigger, 'Alright we are not going to let these guys take one step further in this operation. We are going to take them down,'" ABC News consultant and former FBI agent Brad Garrett said.
Federal officials have remained tightlipped about the three-state raid Sunday that nabbed three people and arrest records have been sealed. Michael Lackomar, the leader of Southeast Michigan Volunteer Militia, a separate Michigan-based militia group, told ABC News he heard that threats toward Islamic groups made by extremist group the Hutaree may have fueled the arrests.
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A person claiming to be a member of the Hutaree posted a message online pleading for help and claiming that officials "broke into homes and took children and used the tasers on wives ... AND my son who is 12."
The raids were conducted Sunday in Michigan, Ohio and Illinois, federal officials confirmed to the Associated Press, though they did not mention the Hutaree specifically.
Lackomar, said several members of the Hutaree, which have trained with the SMVM on occasion, showed up on the doorstep of one of his colleagues shortly after the raid.
"They were asking for a place to hide as it were and he wasn't willing to assist them in that manner," Lackomar said.
On their Web site, the Hutaree -- which they say means "Christian warriors" -- say they are prepared to defend all those who belong to Christ and save those who aren't." A video shows members patrolling the woods with camouflage and weapons preparing for the arrival of the anti-Christ."
"The Hutaree will one day see its enemy and meet him on the battlefield if so God wills it," the Web site claims.
The Huttaree group claims Jesus is their "top general."
"Obviously someone has a source or a wiretap or intel is coming to them in some form or fashion to trigger, 'Alright we are not going to let these guys take one step further in this operation. We are going to take them down,'" ABC News consultant and former FBI agent Brad Garrett said.
Federal officials have remained tightlipped about the three-state raid Sunday that nabbed three people and arrest records have been sealed. Michael Lackomar, the leader of Southeast Michigan Volunteer Militia, a separate Michigan-based militia group, told ABC News he heard that threats toward Islamic groups made by extremist group the Hutaree may have fueled the arrests.
Related
FBI Raids Reportedly Target Christian Extremist
'Patriot' Movement Calling Joe Stack a Hero
WATCH: FBI Struggles to Define Stack's Act
A person claiming to be a member of the Hutaree posted a message online pleading for help and claiming that officials "broke into homes and took children and used the tasers on wives ... AND my son who is 12."
The raids were conducted Sunday in Michigan, Ohio and Illinois, federal officials confirmed to the Associated Press, though they did not mention the Hutaree specifically.
Lackomar, said several members of the Hutaree, which have trained with the SMVM on occasion, showed up on the doorstep of one of his colleagues shortly after the raid.
"They were asking for a place to hide as it were and he wasn't willing to assist them in that manner," Lackomar said.
On their Web site, the Hutaree -- which they say means "Christian warriors" -- say they are prepared to defend all those who belong to Christ and save those who aren't." A video shows members patrolling the woods with camouflage and weapons preparing for the arrival of the anti-Christ."
"The Hutaree will one day see its enemy and meet him on the battlefield if so God wills it," the Web site claims.
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