Caltex keen on Challenge Petroleum

Caltex is seeking Commerce Commission approval to acquire Challenge from Rubicon, who inherited the business in the restructuring of the Fletcher letter stocks.

Caltex - one of the 'big four' oil companies in New Zealand along with BP, Shell and Mobil - is owned by US oil companies Texaco and Chevron.

Challenge was started in 1998 and has around 5% market share with more than a hundred branded petrol stations.

It owns some 17 petrol stations outright while the remainder are independently owned but use the Challenge brand. The business also operates two fuel distributors, one in the North Island and one in the South Island.

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