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BP supports refinery initiative to gain better efficiencies

BP supports refinery initiative to gain better efficiencies

BP has today announced that it has entered into a joint partnership with Refining New Zealand and Z Energy to procure and process crude oil through New Zealand’s only refinery.

“The refinery is a key energy infrastructure asset and this partnership will enable it to operate more efficiently and competitively,” said Matt Elliott, BP Managing Director.

As the refinery’s two largest customers, BP and Z currently import their own cargoes of crude when required, as do the other oil majors, meaning the refinery has to manage production independently, and often not at optimum levels. The move will deliver cost and production efficiencies, helping keep the refinery competitive and delivering further value to shareholders.

The initiative, developed by Refining New Zealand, together with BP and Z, has been in the pipeline for over twelve months and today’s announcement reaffirmed the need to innovate in a highly competitive refining environment.

“We’re pleased to be part of this joint partnership. It makes good business sense and will enable the refinery to better optimise production,” Elliott added. “BP will continue to import finished products to complement this agreement. We will continue to leverage our international supply chain as required.”

“This is a great example of our commitment to New Zealand. We’re continuously looking for new and innovative opportunities to ensure we remain successful in this country and meet the energy needs of all our customers,” Elliott concluded.

ENDS

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