CCR Project

Refining NZ is always looking for attractive opportunities to grow our business.  Our facility at Marsden Point is a world-class reliable refinery with a long history of investment dating back to 1964.  Since then the original plant has been expanded in the mid 1980's, in 2005 and most recently with the Point Forward Project in 2009.  Each project has increased our capabilities, our reliability and added to our vision of 'Fuelling New Zealand's Future'.

On 21st February 2012, a majority of Refining NZ's Board of Directors resolved to support an investment of NZ$365 million in a Continuous Catalyst Regeneration Platformer (the 'CCR Project').

The Board had recommended that shareholders support the motion to invest in the CCR Project.  The vote at the Company's Annual Meeting saw 64.5% of shareholders vote in favour of the Project.

The project now named The new Venture - Te Mahi Hou is expected to be commissioned in 2015

Te Mahi Hou Project Overview

the project replaces Refining NZ's existing petrol making plant (semi regeneration platformer) that has been in operation for around 50 years and which would otherwise require an investment of approximately NZ$105 million to extend its operational life beyond 2015.

Refining NZ's analysis shows that the project is:

  • profitable,
  • affordable and
  • creates shareholder value.

 

 

Q&A video with CEO Ken Rivers

 

CCR Technology

CCR technology is proven in the refining sector and used around the world.  It will enable Refining NZ to process more crude oil, and a wider range of crude's, more effectively and efficiently.

Improved energy efficiency and reduced fuel losses will enable Refining NZ to produce more oil products.  This will generate higher processing fee revenues, improve our competitiveness against imports and produce greater returns for shareholders.

The CCR Project is a significant step towards achieving our vision of 'Fuelling New Zealand's Future' and our aims for:

For a full analysis of assumptions and risks underlying the CCR Project Benefits see the full Explanatory Notes.

 

Shareholder's decision

The vote at the Company's Annual Meeting saw 64.5% of shareholders vote in favour of the proposed CCR Project.

Of the oil company shareholders, 56% were in favour with 44% against.  
Of the non oil company shareholders, 99.8% were in favour, with 0.2% against.

 

Further Information

North Tec has produced a report on the social and economic impact of the proposed project. The impacts were researched by a team of Peter Bruce, Dr Warren Hughes and Lou van Es.

If you have any further queries about the CCR Project, please contact:


Greg McNeill
Communications and External Affairs Manager
Telephone: 09 4328311
Mobile: 021 873 623

Email: greg.mcneill@refiningnz.com

 

In the Media

  • Herald on Sunday - Bernard Hickey: Bright move for New Zealand Inc

    Bernard Hickey argues NZ Inc needs more investments like Refining NZ's new CCR plant, rather than yet more housing.

 

TV One Breakfast interview with CEO Ken Rivers