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BP aims to sell down stake in New Zealand Refining Company

Reuters - UK Focus

WELLINGTON, March 17 (Reuters) - BP Plc will sell roughly half its NZ$165 million ($115 million) stake in New (KOSDAQ: 160550.KQ - news) Zealand Refining Company Limited, the New Zealand company said on Friday without naming a buyer.

New Zealand Refining said in a statement to the New Zealand stock exchange that it was informed of the selldown by BP subsidiary BP New Zealand Holdings after the market closed on Thursday.

"If the full parcel of 11.1% of the shares is sold, BP would be left with 10.09 percent of the shares in Refining NZ," the statement said.

"BP's reduction in shareholding does not affect the existing contractual arrangements between Refining NZ and BP, including the processing agreement which remains on foot."

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BP is the largest shareholder in New Zealand Refining and owns about a fifth of the company.

New Zealand Refining said its shares are in a trading halt until the selldown is completed. ($1 = 1.4335 New Zealand dollars) (Reporting by Tom Westbrook; editing by Richard Lough)