NZ Refining agrees 3-year collective contract with First Union, EPMU
By Jonathan Underhill
Sept. 17 (BusinessDesk) - New Zealand Refining, the nation's only oil refinery, said it has agreed to a three-year collective contract with the First Union and the New Zealand Engineering, Printing and Manufacturing Union, which represent about half its workforce.
The new contract will run through until June 2018.
A year ago, the two unions served notice of a two-day strike, a move the company said could result in $8 million to $9 million of lost processing fees, a step which was averted by more bargaining. NZ Refining had been in contract talks with unions covering its refinery operators, emergency servicemen, mechanical, instrument and maintenance workers since May last year.
NZ Refining shares rose 1.5 percent to $3.44 and have soared 116 percent in the past 12 months.