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

 

NZ increases jet fuel supply to meet growing demand

Media release

Thursday 22 June 2017

NZ increases jet fuel supply to meet growing demand

New Zealand’s supply of aviation fuel grew significantly in the March 2017 quarter compared to the same period last year to meet strong demand from the airline industry, according to new data released today.

The New Zealand Energy Quarterly, released by the Ministry of Business, Innovation and Employment (MBIE), shows the amount of jet fuel used for international transport grew by 19 per cent, and domestic travel by 18 per cent.

James Hogan, MBIE’s Manager of Energy and Building Trends, says demand was met by not only importing more jet fuel but also increasing production at Marsden Point, the country’s only oil refinery.

“The amount of jet fuel produced at Marsden Point increased by seven per cent to 313 kilotonnes, while the volume of imports increased more than threefold compared to the previous March quarter – up from 26 kilotonnes to 111 kilotonnes.”

Refining NZ, which operates the refinery, is nearing its maximum production capacity for jet fuel, and is working on a tank farm reconfiguration project to improve its ability to handle jet fuel imports.

“Boosting the country’s jet fuel capacity means New Zealand can continue to meet growing demand.”

The data also shows an increase in renewable electricity generation, largely due to high levels of rainfall in some hydro catchment areas over summer 2016/2017.

“The higher than usual supply of renewables meant less demand needed to be met by fossil fuels, with coal-fired generation dropping by 52 per cent and gas-fired generation by 17 per cent.

“This resulted in a 39 per cent decline in fossil fuel emissions.”

Energy Quarterly data is collated from members of the energy industry and is used to provide insights into demand, supply, prices and emissions in the energy sector.

New Zealand Energy Quarterly: http://www.mbie.govt.nz/info-services/sectors-industries/energy/energy-data-modelling/publications/new-zealand-energy-quarterly

Read about electricity cost and price monitoring: http://www.mbie.govt.nz/info-services/sectors-industries/energy/energy-data-modelling/statistics/prices/electricity-prices

[Ends]


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO: