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Regional Council Committed to Supporting Port Plan

Media Release 11 December 2007

Regional Council Committed to Supporting Port Plans

Hawke's Bay Regional Council supports the Port of Napier Ltd in its plans for future development of infrastructure.

The Council has welcomed the port company’s development plan for a new $47 million multi-purpose berth in the port harbour to handle larger and longer vessels. This is a result of considerable research into future shipping trends and response to changing demands in both land and sea transportation.

“As the major shareholder, the Council endorses the Port of Napier Ltd’s goal of securing significant extra tonnage in the next few years and will be monitoring this growth with great interest,” said Council Chairman Rex McIntyre.

The Regional Council is of the view that the plans for the new berth are well considered and are critical to assuring the future economic development and prosperity of Hawke’s Bay. The long term planning undertaken by the port company is in line with the Council’s goals for a prosperous, developing region and consistent with Council’s view of planning ahead for the next 20 years.

“Hawke’s Bay is heavily dependent on its export markets and therefore on its port. This sort of multi million investment wisely used every 15-20 years helps the whole region to keep moving ahead. It is vital to keep the growth happening to secure the port and the region’s future.”

The Port’s financial results for this year are impressive. The net profit after tax of $8.3 million meets the Statement of Corporate Intent (SCI) targets which are agreed on an annual basis between the Regional Council and the Port Board.

It is important to note that the port dividends form a key part of the Regional Council’s annual operating budget and are invested in activities considered essential to the region’s future sustainable development.

Hawke's Bay Regional Council has also appointed two new directors to the Board. John Loughlin from Havelock North returns to the Board, and Jon Nichols, a local business consultant, is appointed for the first time both with the experience and qualifications that will assist the port at this time in its development.

ends


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