New Zealand consumers could benefit from Caltex Australia’s bid to buy a stake in a Filipino oil company, a motoring analyst says.
Caltex Australia signed an agreement with Philippines fuel retailer SEAOIL in December to acquire 20% ownership of the company for around NZ$126 million.
AA senior policy analyst Mark Stockdale says Caltex, having recently acquired Gull NZ, could use the latest business deal to expand services throughout New Zealand.
The move for greater fuel access could potentially see Gull operate in Wellington and the South Island.
“I can’t see these developments will be anything but potentially positive for Kiwi motorists,” Stockdale told Stuff.co.nz.
SEAOIL was founded by entrepreneur Francis Yu in 1978 as an independent fuels marketing and distribution business.
The company markets diesel, gasoline and lubricants to retail and wholesale customers throughout the Philippines with annual volumes of around 1.5 billion litres.
It includes 316 SEAOIL branded retail service stations, 11 coastal fuel terminals and a wholly-owned coastal shipping logistics business.
