Sharechat Logo

NZ Refining to hold on to Independent Petroleum Laboratory unit

Thursday 13th October 2016

Text too small?

New Zealand Refining, which operates the country's only oil refinery, has decided to keep its lab testing unit that's been up for sale since last year. 

Whangarei-based Refining NZ has decided to keep its 74 percent stake in Independent Petroleum Laboratory, ending a sale process that began last year. The lab testing company's assets were valued at $5.2 million as at June 30, with liabilities of $1.5 million. BP Oil New Zealand holds the remaining 26 percent. 

"Through a strategic review and testing of the market, it is evident that Refining NZ is the natural owner of IPL, best able to create sustainable value from this vital New Zealand asset," it said in a statement. 

Independent Petroleum Laboratory was set up in 1999 and provides specialist petrochemical lab testing. It's expanded its footprint since then as Chevron, Shell and Mobil shut down their local labs in subsequent years, servicing clients across the Pacific and in Australia. 

It's nearing the end of a five-year plan launched in 2012 to broaden its range of services and deepen its research and development capabilities. 

Refining NZ shares were unchanged at $2.40, having slumped 36 percent so far this year.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report