Wellington, May 12 NZPA - Oil giant Shell has reviewed its downstream businesses in New Zealand, including its 230 petrol stations, and appointed UBS to find a buyer.

Shell is keeping its extensive oil and gas exploration assets in New Zealand, mostly in Taranaki, and a 36 percent stake in construction company Fulton and Hogan, but is selling everything else, a spokeswoman said.

The businesses include its 17 percent shareholding in New Zealand's only oil refinery at Marsden Point, a 25 percent holding in Loyalty New Zealand, operator of Flybuys and its chain of petrol stations, as well its aviation, bitumen, chemicals, commercial fuel, distribution and supply, and marine business.

Shell has appointed UBS to seek formal expressions of interest for the downstream business. No buyers have been identified at this point, the spokeswoman said.

The company hoped to receive early indications of interest by early August.

Shell reviewed its businesses around the world, and the directive for the review had come from the international head office in the Netherlands.

The company was focusing on downstream activities in developing markets, not mature markets such as New Zealand, she said.