Ampol has agreed to sell its New Zealand petroleum distribution business to Australian investment manager Allegro for $NZ572 million ($534.1 million), clearing the path for the oil refiner to complete its takeover of Z Energy.

Ampol last year agreed to purchase New Zealand’s Z Energy for $NZ1.97 billion, a deal that will see the company use its trading arm to help supply the New Zealand market, where the lone refinery is set to be converted into a fuel import terminal.