Chevron renews Caltex brand licensing agreement with Z Energy

Z Energy Limited and Chevron International have renewed their trading licensing agreement of the Caltex brand in New Zealand for another five years. 

In June 2016, Z Energy acquired the assets of Chevron New Zealand, a subsidiary of U.S.-based energy major Chevron Corporation, under a five-year trading licensing agreement, which sees Z as the wholesale fuel supplier to the network of Caltex-branded service stations.  

“Chevron is excited to extend our strong and strategic partnership with Z. We began working with Z in 2015 and our agreement represents the next chapter in our partnership to continue building the Caltex brand in New Zealand. Over the years, the Caltex brand and our premium fuels with Techron, have established a strong following in the New Zealand market. Chevron is committed to collaborating with Z in growing the Caltex brand and business,” said Chevron’s Director of Asia Pacific Sales, Yu Lee Toh.

The renewal of this licensing agreement means Z Energy can continue to have dual brands in the New Zealand market, and Caltex-branded retailers can continue building their businesses on the strong brand that has been fuelling motorists and businesses in New Zealand since 1936. 

This trading licensing agreement takes into consideration any potential acquisition of Z Energy by Ampol Limited, formerly Caltex Australia, and will not impact the long-standing relationship between Z Energy and Chevron.   

In October 2021, Australia’s Ampol Limited entered into a binding scheme implementation agreement (SIA) to acquire 100% of the shares of New Zealand’s largest fuel retailer Z Energy Limited, following satisfactory completion of the due diligence. The completion of the acquisition is still pending the completion of the divestment by Ampol of Gull New Zealand. This month, Ampol announced that it has entered into a binding agreement with Allegro, an Australian investment manager. The Gull New Zealand acquisition by Allegro is subject to approvals by the New Zealand Commerce Commission (NZCC) and the Overseas Investment Office (OIO). The transaction will be subject to Ampol successfully completing its acquisition of Z Energy.

On March 16, the New Zealand Commerce Commission granted clearance for Ampol Limited to acquire 100% of the shares in Z Energy Limited. The clearance is subject to an undertaking from Ampol to sell Gull. The commission will then also need to approve Allegro as the purchaser of Gull and the relevant transaction documents.

The Caltex-branded retail network in New Zealand remains independently owned and operated, with the operators setting their own retail fuel prices. 

“Our Caltex retailers run 134 Caltex service stations and 70 Caltex-branded truck stops around New Zealand. As small New Zealand business owners, our retailers manage a diverse and highly motivated team who are dedicated to delivering exceptional customer service, day in and day out for Kiwi consumers,” said Andy Baird, GM Retail at Z Energy.

“This agreement gives Caltex retailers the confidence to continue building successful businesses on the Caltex brand that consumers know and love,” says Chairman of the Caltex Retailers Association Lester Gray.