NZR
26/06/2014 10:09
GENERAL
REL: 1009 HRS The New Zealand Refining Company Limited
GENERAL: NZR: Refining NZ signs Agreement with BOC
A $40 million plant to be built at Marsden Point by industrial gases company
BOC will help Refining NZ to further reduce Carbon Dioxide (CO2) emissions
from its refining operations.
The plant to be constructed at the Northland based refinery will take CO2, a
by-product of the refining process, and purify it for use across a range of
industries, including food and beverage, dairy, horticulture and pulp and
paper.
Refining NZ Chief Executive Officer, Sjoerd Post described the agreement
reached with BOC over the supply of CO2 as a significant "win-win" for the
refinery and New Zealand manufacturers.
"Continuing to improve our environmental performance is a key part of our
business strategy. This investment gives us the capability to reduce CO2
emissions by more than 50,000 tonnes a year, and is a neat fit with our $365
million Te Mahi Hou project, which will reduce CO2 emissions by around
120,000 tonnes a year,'' Post said.
"At the same time as reducing our environmental footprint it makes business
sense all round to create a revenue stream independent of refining margins
and the exchange rate - both of which impact processing fee revenue - while
helping to secure an essential feed-stock for New Zealand manufacturers for
the foreseeable future.''
The CO2 plant to be built by BOC is expected to be fully operational by the
end of 2015 and will employ around 50 people in its construction.
Refining NZ's Te Mahi Hou project is due on-line late 2015 and is expected to
lift processing fee revenue by an estimated $70 million per annum, and
margins by around USD 1.10 per barrel.
ENDS
For further information:
Greg McNeill, Communications & External Affairs Manager
T: (09) 4325115; M: 021 873623; E: [email protected]
End CA:00252076 For:NZR Type:GENERAL Time:2014-06-26 10:09:21
