BP Selling Large Stake in Refining New Zealand
March 16 2017 - 4:36PM
Dow Jones News
By Ben Collins
WELLINGTON, New Zealand--BP PLC (BP) plans to sell nearly half
its stake in the New Zealand Refining Co. (NZR.NZ), which owns the
Marsden Point refinery in the north of New Zealand.
Shares in Refining NZ were placed in a trading halt on Friday
after the New Zealand-based company said BP wanted sell up to 11.1%
of its 21.19% stake in the company. Refining NZ's shares closed at
NZ$2.49 on Thursday, giving it a market value of 778.3 million New
Zealand dollars (US$543.2 million).
Refining NZ, whose other major shareholders include Exxon Mobil
Corp. (XOM) and Z Energy (ZEL.NZ), said the share sale by BP
doesn't affect its existing contractual agreements with the
U.K.-listed oil major. They include a processing deal, which
remains in place.
In February, Refining NZ said its annual net profit fell by 69%,
as pressure on refining margins from a recovery in global oil
prices more than offset a record year for crude throughput at its
Marsden Point plant. Rising oil prices typically dent the profits
of refiners because it costs them more to buy crude to run through
their facilities.
-Write to Ben Collins at djnews.wellington@dowjones.com
(END) Dow Jones Newswires
March 16, 2017 16:21 ET (20:21 GMT)
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