Last week, shareholders of the New Zealand Refining Company (NZR) voted in favour of the proposal to convert the Marsden Point oil refinery site into a dedicated fuel import terminal.
A Special Meeting of Shareholders for the New Zealand Refining Company was held on 6 August to approve the company’s transition to become an import-only fuel terminal.
Shareholders, which include Z Energy and Exxon Mobil Corp., voted almost unanimously for the conversion.
This will be a transition from NZ crude oil in favour for pre-refined fuels from Australia and Asia.
Mr Bennett said the conversion to an import terminal is going to maintain the security of supply for New Zealand.
“The move to an import terminal opens several areas of value to Z, operationally and financially,” said Z CEO Mike Bennett.
Conversion will mean more cargoes on the water coming to New Zealand from multiple refineries, reducing the single point of failure risk from a disruption to the supply chain, and meaning more usable product ready to distribute to customers.
However, Energy Minister Megan Woods offered her sympathies to hundreds of workers at the Marsden Point oil refinery after shareholders voted for its closure.
This transition is expected to result in the loss of 240 of Refining NZ’s 300 jobs.
For more information visit the Refining NZ website.
