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


Crude oil imports from United Arab Emirates worth $2.7b

New Zealand’s highest valued import from a single trade partner for the year ended September 2019 was crude oil from the United Arab Emirates (UAE), valued at $2.7 billion, Stats NZ said today.

The UAE was our largest source of crude oil imports, followed by Malaysia (valued at $632 million). In the last 15 years, the value of crude oil imports from UAE has ranged from $164 million in the September 2012 year to $2.7 billion in 2019.

Imported crude oil is processed at the Marsden Point Refinery into fuels, bitumen for roading, and other products.

“About 60 percent of imported crude is refined into petrol and diesel. We use this to power our vehicles along with directly imported fuels. In one year, we consume about 1,200 litres of petrol and diesel per person,” international statistics manager Peter Dolan said.

“Crude oil and vehicles are among our top imports.”

New Zealand imported $7.2 billion worth of vehicles, including more than 263,000 cars worth $4.5 billion, in the year ended September 2019. Japan was our largest source of vehicle imports ($2.2 billion), followed by the European Union ($2.0 billion), and Thailand ($1.3 billion).

“The Middle East – which includes UAE – accounted for two-thirds of our crude oil imports in the September 2019 year,” Mr Dolan said.

“Southeast Asia and Russia are other important sources.”

The value of crude oil imports from all countries was $4.3 billion in the year ended September 2019, 5.2 percent of total imports.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Fuels Rushing In: Govt "Ready To Act" On Petrol Market Report

The Government will now take the Commerce Commission’s recommendations to Cabinet...
• A more transparent wholesale pricing regime • Greater contractual freedoms and fairer terms • Introducing an enforceable industry code of conduct • Improve transparency of premium grade fuel pricing... More>>


Reserve Bank Capital Review Decision: Increased Bank Capital Requirements

Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have a meaningful stake in their businesses. More>>


Aerospace: Christchurch Plan To Be NZ's Testbed

Christchurch aims to be at the centre of New Zealand’s burgeoning aerospace sector by 2025, according to the city’s aerospace strategic plan. More>>


EPA: Spill Sees Abatement Notice Served For Tamarind Taranaki

The notice was issued after a “sheen” on the sea surface was reported to regulators on Thursday 21 November, approximately 400 metres from the FPSO Umuroa. A survey commissioned by Tamarind has subsequently detected damage to the flowline connecting the Umuroa to the Tui 2H well. More>>

Taskforce Report: Changes Recommended For Winter Grazing

A Taskforce has made 11 recommendations to improve animal welfare in intensive winter grazing farm systems, the Minister of Agriculture Damien O’Connor confirmed today. More>>