Z Energy agrees in-principle deal with Refining NZ

Z Energy (NZX:ZEL ASX:ZEL) (Z) is pleased to announce that it has agreed in-principle to the terms offered by The New Zealand Refining Company (NZX: NZR) (Refining NZ) to transition the refinery to an Import Terminal System (ITS).

The in-principle agreement is non-binding and contingent upon several conditions including Refining NZ satisfying lender requirements as well as the completion of a binding Terminal Services Agreement (TSA) with all ITS users.

Final approval of the deal will be required by the independent directors and shareholders of Refining NZ. Z will work with Refining NZ with the objective of securing final approval in the third quarter of 2021.

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