Following a global strategic review of its asset portfolio, BP New Zealand sold down part of its shareholding in the nation’s only oil refinery operator, NZ Refining last Friday.
According to BusinessDesk, BP New Zealand Holdings and Europa Oil NZ told NZ Refining that it planned to sell as much as 11.1% of the company, reducing its holding to 10.09%
BP and Europa intended to sell 34.7 million shares for at least $2.30 per share, and sold at $2.32 per share, valuing the transaction at $80.5 million.
The reduction in shareholding won’t affect existing contractual arrangements between NZ Refining and BP, says the company.
“BP regularly undertakes reviews of its assets, partnerships and shareholdings around the world and today’s transaction is the outcome of one such global portfolio review,” says the head of Asia Pacific fuels Andy Holmes.
“BP is committed to remaining a competitive participant in the New Zealand fuels market and to ensuring our long-term success as a quality fuel retailer – for which Refining NZ is an important component,” says Holmes.
BusinessDesk reports that Mobil Oil New Zealand owns 17.2%, and Z Energy owns 15.4% of NZ Refining, according to NZX data.
