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Vector Gas and Refining NZ invest in future
Vector Gas and Refining NZ invest in future
Vector Gas Limited and Refining NZ have reached an agreement to double the quantity of gas available for the Marsden Point refinery.
The agreement will see Vector Gas invest approximately $25 million in upgrading compression capacity on the northern pipeline and upgrading the Marsden 1 Delivery Point.
The new compressor and delivery point is expected to double the refinery’s access to natural gas which is used as fuel for the refinery’s processing units.
Refining NZ currently takes 2 – 2.5 PJ/year of gas and when the transmission capacity is available, expects to take more than 5 PJ/year.
Vector’s CEO Simon Mackenzie says the upgrade is a positive outcome for both businesses.
“We are pleased to be able to work with Refining NZ to supply this extra capacity for them.”
Refining NZ CEO Sjoerd Post says more gas provides further opportunity to grow the refining business.
“Natural gas is a cost effective and clean energy source that gives us greater flexibility in the crudes selected for processing.”
“Vector’s willingness to help and their “can-do” attitude throughout the agreement process has been really impressive.”
Construction is expected to begin September 2016.
ENDS
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