Marsden Point to switch to import-only terminal

Starting in April, Marsden Point will become an import-only terminal, according to Refining NZ. The decision came in part because of a decline in refining margins in the Asia region.

The company made its FID after new contracts were made with BP, Mobil and Z Energy. During the transition, the company will be renamed Channel Infrastructure New Zealand.

The conversion is estimated to cost about $200 MM over the next five to six years, in addition to $60 MM on the demolition.

However, fees for fuel storage would bring in approximately $95 MM per year. According to Refining NZ, long-term contracts have already been made with the refinery's customers for dedicated private storage.

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