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BRIEFLY

February 16, 1988

New Zealand said it would sell its majority stake in the country's leading energy group to British Gas PLC for about $525 million and use the money to help repay foreign debt. The sale of the 70% holding in the Petroleum Corp. of New Zealand Ltd. will also enable the government to meet its target of a budget surplus for the year to March 31 while boosting competition in the energy industry.

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