New Zealand’s only oil refiner, Refining NZ, announced its decision to keep its majority shareholding in Independent Petroleum Laboratory Ltd. (IPL).

“Through a strategic review and testing of the market, it is evident that Refining NZ is the natural owner of IPL, best able to create sustainable value from this vital New Zealand asset,” Refining NZ said in a filing.

Refining NZ, which was formerly known as New Zealand Refining Company, and BP Oil NZ joined forces in 1999 to establish Independent Petroleum Laboratory Ltd. IPL is 75% owned by Refining NZ and 25% by BP Oil NZ.

After Chevron closed its laboratory in Auckland in 2001 and Shell and Mobil in 2002, IPL became the only fuels testing laboratory in New Zealand.

In 2012, IPL initiated a five-year growth strategy, to expand its core testing services business, as well as to diversify in the hope of becoming a “One Stop Shop” for its customers. Many of its new capabilities were successfully launched in 2013. With a growing network in Taranaki, IPL is now looking at new environmental and petroleum testing capabilities.