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

 


Major investment set to help refinery cut emissions

Major investment set to help refinery cut emissions

A $40 million plant to be built at Marsden Point by industrial gases company BOC will help Refining NZ to further reduce Carbon Dioxide (CO2) emissions from its refining operations.

The plant to be constructed at the Northland based refinery will take CO2, a by-product of the refining process, and purify it for use across a range of industries, including food and beverage, dairy, horticulture and pulp and paper.

Refining NZ Chief Executive Officer, Sjoerd Post described the agreement reached with BOC over the supply of CO2 as a significant “win-win” for the refinery and New Zealand manufacturers.

“Continuing to improve our environmental performance is a key part of our business strategy. This investment gives us the capability to reduce CO2 emissions by more than 50,000 tonnes a year, and is a neat fit with our $365 million Te Mahi Hou project, which will reduce CO2 emissions by around 120,000 tonnes a year,’’ Post said.

“At the same time as reducing our environmental footprint it makes business sense all round to create a revenue stream independent of refining margins and the exchange rate – both of which impact processing fee revenue - while helping to secure an essential feed-stock for New Zealand manufacturers for the foreseeable future.’’

The CO2 plant to be built by BOC is expected to be fully operational by the end of 2015 and will employ around 50 people in its construction.

Refining NZ’s Te Mahi Hou project is due on-line late 2015 and is expected to lift processing fee revenue by an estimated $70 million per annum, and margins by around USD 1.10 per barrel.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news