Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Redetermination Legal Action Regrettable

Media Statement
For Immediate Release

17 May 2002

Redetermination Legal Action Regrettable - Will Be Defended

Maui Development Ltd and its shareholders, the Maui Mining Companies (MMC's) being Shell Petroleum Mining Company Limited and Todd Petroleum Mining Limited have responded to advice that Methanex New Zealand Limited is seeking a Court injunction against the MMC's and MDL and Declaratory judgments in respect of the Crown seeking to temporarily halt the Maui gas reserves redetermination process.

MDL Chairman Dr Lloyd Taylor said that the MMCs have provided all the requisite data and information required under the Maui contract in the time frame specified by the contract, for the redetermination process to proceed.

"The action by Methanex will be vigorously defended by the MMC's and MDL.

"The MMC's see no merit in the action, which will only serve to delay the Maui Contract redetermination process.

"The delay through this legal action is regrettable, in that the longer this matter is unresolved it increases the exposure of the country to a risk of discontinuity of gas supply in later years," Dr Taylor said.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Goat Milk: New PGP For Infant Formula

A new Primary Growth Partnership programme launched today has its sights on growing a sustainable, high value goat milk infant formula industry in New Zealand. More>>


Tornado Aftermath: More Storms Forecast For New Plymouth

Up to 30 homes were damaged Monday night when a tornado roared through a New Plymouth suburb last night , cutting power lines, tearing off roofs, and toppling trees. More>>


Government Investment Rejig: Sustainable Food & Fibre Futures Launched

Growing New Zealand’s food and fibre sectors sustainably and supporting a thriving economy are the hallmarks of a new investment programme announced today by Agriculture Minister Damien O’Connor. More>>

Dump Levy Options: Waste Work Programme Announced

Associate Environment Minister Eugenie Sage has announced a programme of work to take action on New Zealand’s long-neglected waste problems. More>>


Real Estate: Foreign Buyers Ban Passes Third Reading

The Bill to put in place the Government’s policy of banning overseas buyers of existing homes has passed its third and final reading in the House. More>>