BP enters into partnership with New Zealand companies

Oil major BP said it entered into a joint partnership with New Zealand Refining Co Ltd and Z Energy to procure and process crude oil through New Zealand's only refinery, according to a report on Voxy's website.

BP and Z Energy, the refinery's two largest customers, currently import their own cargoes of crude when required, which means the refinery has to manage production independently, and often not at optimum levels, the report said.

"The refinery is a key energy infrastructure asset and this partnership will enable it to operate more efficiently and competitively," the website quoted Matt Elliott, BP New Zealand Managing Director.