Refining NZ gets shareholder approval to upgrade Marsden Point refinery

Refining NZ shareholders voted to spend NZ$365 million (US$277.7 million) to upgrade the company’s petrol making facilities at the Marsden Point refinery. The vote at the company’s Annual Meeting — required because the total cost of the investment was more than half the Company’s market value — saw 64.5% of shareholders vote in favor of the proposed Continuous Catalyst Regeneration Platformer (CCR) Project. A simple majority (50%) of votes cast was needed for the project to proceed. Commenting, Refining NZ Chief Executive Ken Rivers described the vote as a great result. “This is an opportunity to grow Refining NZ in line with our strategy, to remain competitive against imports, generate value for shareholders and customers and help secure New Zealand’s energy future.” Rivers said the company’s first priority is to get the CCR Project started. (April 27, 2012)