BP New Zealand Sells 11.1% Stake In Refining NZ For Approximately US$56.2 Million

Published: Mar 17 2017
Deal Summary

BP New Zealand Holdings Limited, a retailer of fuel and related products and subsidiary of BP p.l.c., sold 11.1% interest in The New Zealand Refining Company Ltd. (Refining NZ), an oil refining company, for a sale consideration of approximately NZ$80.4 million (MM) (US$56.2 MM).

Refining NZ is an oil refining company that refines and distributes oil products. The company owns and operates a 96,000 bd oil refinery located at Marsden Point, 160km north of Auckland.

Prior to the transaction, BP owned 21.19% interest in Refining NZ. Following the transaction, BP owns 10.09% interest in Refining NZ.

Deutsche Craigs Limited acted as financial advisor to BP New Zealand in the transaction.

The transaction implies a value of US$5,274.02 per bbl of daily refining capacity.

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