Is Refining NZ closing down?
The company also considered New Zealand’s future fuel demand, which is expected to peak in 2027 as customers move to the likes of electric cars. On August 6, 2021, Refining NZ shareholders voted to stop refining and for Marsden Point to become an import terminal, with the loss of 240 jobs and 160 contractors.
Why is Marsden Point refinery closing?
The closure of the refinery follows a substantial decline in refining margins in the Asia region. “Today is a momentous day in the journey to transition our business from operating as a refinery to an import-only fuel terminal,” chief executive Naomi James said.
Who owns refining New Zealand?
The Refinery assets were transferred by the Government to the New Zealand Refining Company Limited, a consortium of the five major petrol retailers. BP, Mobil and Z Energy are currently major shareholders. The Government injected $80 million to enable the company to adapt to the new environment.
Does NZ refine its own oil?
The Marsden Point Oil Refinery, near Whangarei, is New Zealand’s only oil refinery. It’s operated by Refining NZ. The refinery began operating in 1964, and is capable of processing enough oil to meet a majority of domestic demand.
Does NZ import petrol from Russia?
Energy Minister Megan Woods reiterated on Wednesday that New Zealand no longer purchased any oil or oil products from Russia.
Who built Marsden Point Oil Refinery?
Bechtel was the engineering and construction contractor, beginning work in 1962 and completing it in mid-1964 at a cost of £10 million. Within three years expansion was being planned, but it was not until May 1973 that a $160 million project was approved.
Does New Zealand refine its own fuel?
Refining NZ is New Zealand’s only refiner of oil products, and one of the most modern refineries in the world — making New Zealand potentially self-sufficient in all refined products.
Does NZ buy oil from Russia?
While New Zealand traditionally only got a tiny portion of its oil from Russia, and no longer gets any oil or oil products directly from the world’s second-largest oil exporter, the invasion and sanctions against Russia caused global crude oil prices to skyrocket.
Could NZ be self-sufficient?
New Zealand is also self-sufficient in eggs, producing about one billion eggs annually, with about 30 million being exported. The large export volumes for livestock products means these products are a low food security risk for New Zealand.
Could NZ be self sufficient?
Who supplies NZ fuel?
The vast majority of New Zealand’s fuel imports come via third country refineries, mostly in Southeast Asia. Our biggest suppliers in 2021 were in Korea (53 percent of total imports) and Singapore (31 percent).
Is NZ self-sufficient in oil?
Overall New Zealand is self-sufficient in most fuel sources (coal, renewables, waste heat) with the exception of oil.
Does NZ have oil reserves?
Oil Reserves in New Zealand New Zealand holds 64,100,000 barrels of proven oil reserves as of 2016, ranking 75th in the world and accounting for about 0.0% of the world’s total oil reserves of 1,650,585,140,000 barrels. New Zealand has proven reserves equivalent to 1.1 times its annual consumption.
Is NZ food self-sufficient?
How much of New Zealand’s food is imported?
Taken together, all these datasets show that New Zealand imports less than 20% of our food needs, with over 80% sourced from home. And of the 20% that is imported, total imports don’t provide any cause for concern when it comes to getting food in New Zealand stores.
Does NZ get its oil from Russia?
Can Japan feed itself?
The food self-sufficiency rate in Japan fell to 37% in 2020, equaling its lowest ever rate. Japan’s calorie-based food self-sufficiency rate in 2020 fell by one point from the previous year to 37%, according to a Ministry of Agriculture, Forestry, and Fisheries’ report.
What happened to refining New Zealand’s Marsden Point Refinery?
The Marsden Point refinery operated by Refining New Zealand. Photo: 123rf.com The company, which operates the Marsden Point refinery, has reported a loss of $186.3 million for the six months ended June compared with a $3.5m loss last year.
How did Refining NZ perform in 2019?
In the year to December 2019 Refining NZ made a net profit after tax of just $4.2 million, down from $29.6 million the year before. This was achieved with assets of nearly $1.4 billion and shareholders’ funds of $750 million.
How many jobs will be cut at NZ’s largest refinery?
The company said in an NZX statement that it had set aside $5 million for restructuring and expected to reduce its operating costs – including its labour costs – by $20m in 2021. Spokeswoman Ellie Martel said plan was subject to consultation with staff, but would see 100 of the refinery’s 400 jobs go.
Why is Refining NZ considering strategic review of its assets?
The refinery’s owner Refining NZ said in a release to the NZX on Wednesday that it was starting a “Strategic Review” to determine the optimal business model and capital structure for its assets that will maximise “through the cycle” returns to shareholders, and deliver secure, competitive fuel supply to New Zealand.