Z Energy affirms savings forecast from Caltex tie-up; kicks off service station sale process

Wed, 29 Jun 2016

By Paul McBeth June 30 (BusinessDesk) - Z Energy still expects to cut annual costs by between $25 million and $30 million from its acquisition of Chevron New Zealand, and has started the process to sell 19 service stations which was a condition of the tie-up. The newly-acquired Caltex business budgeted $16.5 million for offshore services from its Manilla, Philippines service hub, which Z will merge into the Wellington-based company's domestic operations, lowering financial operations, IT, and call centre costs, it said in a statement. Z...

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