Why is Marsden Point closing down?

Why is Marsden Point 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.

Who built Marsden Point?

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.

Where is Marsden Point located?

Northland, New Zealand
Marsden Point lays 30 kilometres southeast of Whangarei and only a one hour 30 minute drive from Auckland, New Zealand’s largest city. The mostly flat terrain forms the south-eastern tip of the entrance to the Whangarei harbour on the east coast of Northland, New Zealand.

Who owns Marsden Point?

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 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 owns the NZ oil refinery?

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.

Where does NZ buy oil from?

New Zealand’s locally-produced oil is generally exported because of its high quality and therefore high value on the international market. Australia buys most of this oil. The Middle East tends to be our largest source of crude oil — over half generally comes from there. Asia is also a significant trade source.

Does NZ buy oil from Russia?

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 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.

Who are the shareholders in Marsden Point refinery?

Does NZ buy fuel from Russia?

“New Zealand does not purchase any oil or oil products from Russia so would not be directly affected if Russian oil supply is curtailed,” Megan Woods said.