Thursday 13th October 2016
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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.
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