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Chevron New Zealand has sold its 11.4 percent stake in Refining NZ, the operator of New Zealand's only oil refinery.

The two companies announced on May 28 that Chevron had entered into a block trade agreement with Deutsche Craigs Limited, a broker part-owned by Deutsche Bank, to sell its full holding of 35,534,905 ordinary shares in The New Zealand Refining Company Limited for at least NZ$2.32 ($1.65) per share.

The transaction raised around NZ$82.4 million ($58.6 million).

Refining NZ said that the processing of crude oil for Chevron New Zealand "is at the heart of a long-standing customer relationship" which it expects to continue.

The company confirmed that Chevron's decision to sell its shares will not affect processing arrangements with the refinery.

"As New Zealand's only refinery we are highly focused on being a competitive and reliable producer of high quality fuel products for our customers. On that basis, we are well placed to serve Chevron's needs going forward," commented Sjoerd Post, CEO of Refining NZ.

Post welcomed the fact that the company's free float now stands at 46.25 percent.

"We've already seen our free float increase with institutions participating in the successful NZ$54.7 million equity raise in 2014.

"Today's announcement presents further opportunity for institutional investment, as well as increased ownership by smaller shareholders, and the distinct possibility of a return to the NZX 50," he added.

The sale of its stake in Refining NZ may ignite speculation that Chevron will also sell its Caltex business in New Zealand, which includes 147 service stations and 73 unstaffed diesel fuel filling stations that serve the trucking industry, Dow Jones reported.