NZX-listed Channel Infrastructure has declined to comment on speculation in Australian media that it is close to buying ExxonMobil’s New Zealand terminals business.

“We don’t comment on market speculation,” Channel said in a statement supplied to the Herald.

The Australian said the US energy giant was moving closer to exiting the New Zealand market in a deal that could be worth up to $500 million.

Quoting market sources, it said Channel would likely be eager to buy the ExxonMobil assets because it is a natural extension of its existing operations.

The paper said it would be a key step in its growth strategy beyond its Northland base.

ExxonMobil owns the Wiri Oil Service business, which includes an inland terminal in South Auckland connected to the Marsden Point import terminal – New Zealand’s biggest fuel import terminal.

Channel also operates the Marsden Point Energy Precinct and owns part of Australia’s crucial jet fuel supply chain.

The company’s shares last traded at $2.97, unchanged, giving it a market capitalisation of $1.2 billion.