Marsden Point refinery closing, NZ 'worse off for it' - Winston Peters

Lloyd Burr 22/11/2021

LISTEN: A big blow for Northland with the announcement Marsden Point Oil Refinery will close for good next year.

Refining New Zealand has confirmed it will become an import-only terminal from April. That means the country will no longer refine any of our own fuel.

The closure of the refinery follows a steady decline in refining margins in the Asia-Pacific region.

NZ First leader Winston Peters said the decision to close Marsden Point was "tragic".

"New Zealand is going to be worse off for it," he told Lloyd Burr Live.

"We simply have not got the supply."

Peters said New Zealand has a successful refining industry, including Tiwai Point.

"We have the finest aluminium production in the whole wide world, with thousands of jobs all going."

Peters said he expects to see more emissions generated by the alternative.

Chief executive Naomi James said the announcement was "momentous".

"After 60-years of operations as New Zealand's only oil refinery, we look back on the past with pride and look to the future with confidence that our business will continue to contribute to our community, and New Zealand, long into the future."

The company said it would rename itself Channel Infrastructure New Zealand and the conversion, according to forecasts, would cost between $200 million and $220m over the next five to six years.

Fees for fuel storage would generate $95m per annum.

Listen to the full interview with Winston Peters above.

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