Australian Worldwide Sells First Tui Crude Cargo to New Zealand

By Angela Macdonald-Smith

Nov. 27 (Bloomberg) -- Australian Worldwide Exploration Ltd., operator of the $269 million Tui oil project in New Zealand, said it made its first sale of crude from the venture to a refinery in that country.

The 300,000 barrel-cargo is due to be delivered to the Whangarei refinery in New Zealand in the second week of January as a result of a sale agreement concluded today with Chevron Corp., Bruce Wood, managing director of the Sydney-based company, said today in Sydney. Previous sales of Tui crude have mostly been to refineries in eastern Australia, he said.

To contact the reporter on this story: Angela Macdonald-Smith in Sydney at amacdonaldsm@bloomberg.net