WELLINGTON, New Zealand, March 29 (UPI) -- Royal Dutch Shell decided to unload a minority stake in an oil refinery and more than 200 of its retail stations in New Zealand to focus on larger markets.
Shell announced it signed a sale and purchase agreement to unload its downstream business in New Zealand to a consortium of investors in the country.
The sale includes a large portion of the company's retail gasoline stations and a 17.1 percent stake in a refinery at Marsden Point in New Zealand, which is producing more than 100,000 barrels per day.
Mark Williams, the downstream director at Shell, said the decision was consistent with his company's long-term strategies.
"The decision to sell our New Zealand downstream business follows a comprehensive strategic review and fits with our drive to simplify our global downstream portfolio and concentrate on larger, integrated assets in growth markets," he said.
Shell said, however, that it remains a leader in the oil and gas exploration and production in New Zealand, maintaining its upstream work in the country.
