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Infratil, Shell New Zealand and the Guardians of New Zealand Superannuation have signed a letter of intent relating to the potential acquisition of Shell's petrol and certain other business operations.
A statement from Infratil and the fund today said the letter of intent was not an acquisition contract.
"However it does represent Infratil and the Guardians' clear intention to proceed to acquire Shell's New Zealand downstream assets if relevant pre-requisites are met including the securing of third-party approvals,''' the statement said.
The letter was signed by Shell's country chairman for New Zealand Rob Jager, Infratil's chairman David Newman and Guardians' chairman David May.
It was announced in early November that a consortium of Infratil and the fund had entered into exclusive negotiations with Shell over refining and downstream businesses.
That announcement said the proposed transaction included a 17.1% stake in the New Zealand Refining Co, Shell New Zealand's supply and distribution infrastructure and its retail and business-to-business fuel business.