Z Energy sells stake in Channel Infrastructure

SYDNEY: Ampol Limited (ASX:ALD) announced Thursday that its wholly owned subsidiary, Z Energy Limited, has reached an agreement to sell its 12.67% shareholding in Channel Infrastructure (NZX:CHI).

The transaction, valued at approximately NZ$95 million, is part of Ampol’s ongoing efforts to optimize its capital structure.

The sale will not affect existing commercial arrangements between Z Energy and Channel Infrastructure regarding the Marsden Point Terminal. Proceeds from the sale are earmarked for debt reduction, according to the company.

“Ampol and Z Energy remain dedicated to our operations in Aotearoa New Zealand and to serving our customers,” said Greg Barnes, Ampol’s group chief financial officer. “We will continue working closely with Channel Infrastructure to ensure reliable and safe fuel supply.”

Channel Infrastructure operates critical fuel supply infrastructure in New Zealand, playing a significant role in the region’s energy sector. This move underscores Ampol’s focus on financial discipline while maintaining operational commitments.