Z Energy saves $50 mln capex in refinery crude-matching deal

Wed, 05 Mar 2014

March 5 (BusinessDesk) – Z Energy will defer $50 million of capital expenditure on new storage facilities at Tauranga and Lyttelton by cutting a deal with BP and the operators of the Marsden Point oil refinery to coordinate the quality of crude oil the refinery processes. While the country’s two smaller players, Mobil and Chevron, aren’t part of the arrangement, the Z and BP tie-up allows “more efficient use of Refining NZ (and) reduces Z’s procurement costs without committing capital,” said Z’s chief executive, Mike Bennetts, in a statement....

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