Refining NZ raises $39m to expand storage

Refining NZ raised money to expand storage as the end of refining draws closer. (Image: Getty)

Tue, 30 Nov 2021

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...

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