New Zealand may expand refinery
New Zealand Refining Company aims to increase oil-refining capacity by 20%. The expansion would cost about NZ$170 million (US$118.17 million) and will take two years and three months to complete. Executing the plan should have “minimal to no impact” on the refinery’s day-to-day operations. Based at Marsden Point near Whangarei, the company is New Zealand’s only refiner. Chief Executive Jerome Kerrigan said that management would complete the plan and costing for the expansion in time to seek approval in April. New Zealand Refining processes imported crude oil into petrol, diesel fuel and aviation fuel. Combined, oil companies BP, Mobil, Shell and Caltex own 72.69% of the company. (March 3, 2007)