Wednesday, 1 December, 2010 - 13:41
Gull Petroleum sold to Ausfuel
The state's largest independent fuel company, Gull Petroleum, has been acquired by Archer Capital-backed Ausfuel for an undisclosed sum.
Neil Rae is a successful businessman through his past involvement in the development and management of Gull Petroleum along with his father, the late Fred Rae, and brother-in-law Ian Green. Over three decades, Gull expanded to more than 100 petrol station across Western Australia. In 1993, Gull began importing fuel from Singapore, providing a price advantage over its competitors. In 1998 Gull expanded into New Zealand. The Australian operation was sold for an estimated $A500 million in 2010 and the New Zealand business was sold for $NZ340 million (about $A300 million) in 2016.
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The state's largest independent fuel company, Gull Petroleum, has been acquired by Archer Capital-backed Ausfuel for an undisclosed sum.
The entrepreneurial sub-culture of WA business was established more than a century ago.
The last 10 days of 2016 were a busy period for WA corporate deals, with the Rae family attracting a bumper price for its Gull New Zealand business, Chinese group MMG selling the Golden Grove mine, Diploma Group going into receivership and seven new listings on the ASX.
Resources billionaire Gina Rinehart has been named Australia’s wealthiest person for a third consecutive year, followed closely by fellow Western Australian and iron ore magnate Andrew Forrest.
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Neil Rae is linked to 4 organisations which are included in 3 lists - Philanthropic Foundations, Family offices and Charitable Organisations.
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