Petrocorp

Petrocorp

Petrocorp, formally the Petroleum Corporation of New Zealand Limited, is a former New Zealand State-Owned Enterprise that was formed in 1978. It was sold by the Fourth Labour government in 1988 to Fletcher Challenge, and became that corporations Fletcher Energy division.

The company was created to undertake the Government's petroleum exploration activities and was involved in the Maui gas field . Through an agreement formed on 1 October 1973 Petrocorp became a 50% owner, with Todd Corporation, BP and Shell of the Offshore Mining Company Limited which developed and then sold gas from the Maui field. These companies became known as the Maui Partners.cite web
title = The Maui Gas Contract - A Brief History
publisher = Bell Gully
date = March 1998
url = http://www.bellgully.com/resources/resource.00214.asp
accessdate = 2007-08-24]

Assets

The corporation wholly owned the Natural Gas Corporation, which in turn owned gas transmission pipelines from Kapuni to Auckland and Kapuni to Wellington, and the Kapuni Gas Treatment Plant.cite web|title=Gas Control Inquiry|publisher=New Zealand Ministry of Economic Development|date=29 November 2004|url=http://www.med.govt.nz/templates/MultipageDocumentPage____7637.aspx|accessdate=2007-08-28]

ale

In 1987, Petrocorp became a publicly-listed company on the New Zealand Stock Exchange, due to a 30% share sell down by the Government. Petrocorp issued new shares that represented 30% of the total shares in the company and 15% were sold by tender to Fletcher Challenge with the remainder offered via a share float. On 3 March 1988, Fletcher Challenge agreed to purchase the remaining 70% of the governments' shares in the company for NZ$801 million via a "put and call" agreement. This was the same price previously offered by British Gas but rejected because of conditions requested by British Gas on the sale.cite news
title = COMPANY NEWS; New Zealand Deal
publisher = New York Times
date = 1998-03-04
url = http://query.nytimes.com/gst/fullpage.html?res=940DE5D6103CF937A35750C0A96E948260
accessdate = 2007-08-24]

The final transaction involved the purchase of shares in PetroCorp by Fletcher Challenge with payment in Fletcher Challenge shares that were then sold by the government on 16 December 1993.cite web
title = New Zealand Government Asset Sales as at 30 September 1999
publisher = New Zealand Treasury
url = http://www.treasury.govt.nz/assetsales/completed1.asp
accessdate = 2007-08-24]

References

External links

* [http://www.treasury.govt.nz/assetsales/completed4.asp New Zealand Treasury]
* [http://www.pureenergy.co.nz/gas_info/history.php Pure Energy website]


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