Refining NZ raises $39m to expand storage

Refining NZ raises $39m to expand storage
Refining NZ raised money to expand storage as the end of refining draws closer. (Image: Getty)
Ian Llewellyn
Refining New Zealand has completed a $39 million share placement to fund the expansion of refined oil storage at Marsden Point.The company believes providing more storage will be a growth area when it ends oil refining and moves to an import-only model under the Channel Infrastructure brand.The government’s consideration of strategic oil reserve policy is another potential area of growth. Especially if this means increasing the amount of petrol, diesel and other oil products that are required to be stored in the country to give more breat...

More Economy

Weaker than expected jobs data won't move the rate cut dial
Economy

Weaker than expected jobs data won't move the rate cut dial

The March quarter jobs data was gloomier than expected.

Rebecca Howard 01 May 2024
Cautious lending keeps lid on default rates – Reserve Bank
Finance

Cautious lending keeps lid on default rates – Reserve Bank

Non-performing mortgages have overtaken Covid levels.

Jem Traylen 01 May 2024
Business confidence still falling
Economy

Business confidence still falling

Business confidence fell eight points to 15 in the latest ANZ NZ Business Outlook survey as cost pressures continue to bite. According to Westpac Bank senior economist Satish Ranchhod, a net 20% of firms reported their trading activity has declined over the past year. “That’s the...

Staff reporters 30 Apr 2024
Returning GST to councils would cover 'infrastructure cost increases' to councils
Economy

Returning GST to councils would cover 'infrastructure cost increases' to councils

Returning GST to councils would help councils out a lot, Infometrics says.

Dileepa Fonseka 30 Apr 2024