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New Zealand Refining Co’s decision welcomed

New Zealand Refining Co’s decision welcomed

“Today’s announcement that the New Zealand Refining Company has approved a $180 million upgrade of its Marsden Point refinery near Whangarei is great news,” said acting Regional Development Minister Paul Swain.

The upgrade project – called Future Fuels – will enable the refinery to produce cleaner fuels. It is necessary if the refinery is to meet the Government’s new fuel specifications regulations, which were developed in consultation with industry stakeholders and become effective in 2006.

“Cleaner fuels will have health and environmental benefits and will encourage the uptake of modern engines being developed under similar regulations overseas,” said Mr Swain.

“I’m very pleased that a company in an internationally competitive industry finds the business conditions in New Zealand conducive to carrying on an efficient operation here.

“The decision to upgrade operations will be welcomed by NZRC’s 260 staff as well as the many contractors who supply goods and services to the company. They will now have new and exciting challenges ahead as they help the company introduce the Future Fuels technology.

“It’s been estimated that NZRC contributes more than $160 million to the Northland economy each year so I’m sure the news will be welcomed by people throughout the region.

“The foreign exchange savings from processing crude oil rather than importing refined product is about $175 million a year so the decision will benefit the whole economy.

“I congratulate NZRC on its decision. The Government looks forward to working with them in the years to come,” said Mr Swain.

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