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

 


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

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news