WELLINGTON, March 17 BP Plc will sell
roughly half its NZ$165 million ($115 million) stake in New
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
"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
"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."
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)