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

 

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Scoop Business: ComCom Charges Hawkins’ Finance Companies Over Debt Recovery

The Commerce Commission has filed criminal proceedings against two finance companies run by former 1980s high-flyer Allan Hawkins over their debt recovery practices. More>>

ALSO:

Science Media Centre: The Big Science Stories Of 2014

It was a dramatic year for science, one that witnessed a severe outbreak of Ebola in West Africa and an historic mission to land a space probe on a comet. On the home front... headlines with animal testing for 'legal highs', 1080 use to tackle increased pest numbers and court action over genetically modified organisms among the most-covered stories. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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