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: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news