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NZ Refining to hold on to lab unit

NZN 12/10/2016 Paul McBeth

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.

Whangarei-based Refining NZ will keep its 74 per cent 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 per cent.

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