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 size of the investment means the CCR Project requires
shareholder approval and an ordinary resolution will be put to the
Annual Meetinng on 27 April 2012.
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
CCR Project Overview
The CCR Project would replace 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 CCR project is:
- affordable and
- creates shareholder value.
There will be no call on shareholders for equity to fund the CCR
The Project enables further growth opportunities to be
considered at a later date.
Q&A video with CEO Ken Rivers
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.
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%
Of the non oil company shareholders, 99.8% were in favour, with
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
Communications and External Affairs Manager
Telephone: 09 4328311
Mobile: 021 873 623
In the Media
TV One Breakfast interview with CEO Ken Rivers