MOSCOW (MRC) -- BP Plc on Friday said
it had sold around half its roughly 20% stake in New Zealand Refining Company
Limited for USD56.2 million as part of a global portfolio review, said Reuters.
was the largest shareholder in New Zealand's only oil refiner before it sold the
stock in block trade on Thursday night at NZ$2.32 per share, stock exchange
filings show, below Thursday's closing price of NZ$2.49.
Shares in the
company, which had been in a trading halt due to the transaction, fell 4% to
NZ$2.39 when they resumed trading on Friday afternoon. New Zealand's benchmark
S&P/NZX 50 index was up 0.2% on the day.
"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," BP's
head of Asia-Pacific fuels Andy Holmes said in a statement.
BP did not
disclose the buyer of the stake, but said in a statement that it had retained an
10.1% interest in the company, via local subsidiaries.
"BP's reduction in
shareholding does not affect the existing contractual arrangements between
Refining NZ and BP, including the processing agreement," New Zealand Refining
said in a statement.
ExxonMobil Corp, via a subsidiary, and New Zealand's
Z Energy Ltd are the other major shareholders in New Zealand Refining.