Valero may bid for New Zealand Refining

US refiner Valero Energy may be seeking to make a bid for New Zealand Refining, which owns the Australasian countryÔÇÖs only oil refinery, according to reports.  NZ Refining also makes 70 percent of all New ZealandÔÇÖs fuel. ┬áSan Antonio, Texas-based Valero is said to be interested in either a majority stake or full ownership of the company.  Seventeen percent of NZ refining has been up for grabs since Royal Dutch Shell, EuropeÔÇÖs largest oil company, revealed it was looking to sell its stake. Irving, Texas-based Exxon Mobil, which holds 19 percent, is also reportedly seeking a purchaser for its share as well as its New Zealand petrol stations and tank farms. British Petroleum owns 23 percent of the company, Californian-based Chevron 12 percent and Canadian firm Emerald Capital 13 percent. Under New Zealand law, an offer for 20 percent or more of a listed company must be extended to all shareholders. Valero is seeking to expand overseas in order to reduce reliance on its home market, due to fears that US climate legislation could cut the profitability of its domestic plants. It planned to take a stake in a refinery in the Netherlands last month but talks were halted after majority owner Total increased its existing holding. The NZ refining plant, which opened in 1964, handled up to 107,000 barrels of oil per day last year. It is currently undergoing a major upgrade to increase its output by 15 percent. *┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á *