Refining NZ Updates On Refinery Simplification Plan | NZ Market Update

New Zealand Refining Company Limited advises that Mobil Oil New Zealand Limited has issued a notice of conflict under its processing deal with Refining NZ. It is concerning NZR’s plans to simplify the Marsden Point oil refinery operations. In the challenging COVID-19 environment, NZR has been developing plans to continue to operate the refinery in 2021 at the most economical cost possible while continuing to meet Processing Agreement obligations. The company intends to continue to act as per the conditions in the agreement while resolving the dispute.

Norway plans to finance two-thirds of a large-scale project - Longship that aims to capture and store carbon dioxide.The plan reflects on the second attempt by the country to cut its GHG emissions. Carbon capture has been long highlighted for being a way to capture and reduce the level of carbon dioxide; however, there are only a few commercial projects. Under the proposal, Norway would now fund a carbon capture project at a cement factory operated by HeidelbergCement (a Germany-based company)

On 23 September 2020, The Commerce Commission sanctioned Transpower’s proposal to recoup investment up to NZ$143 million primarily to manage voltage stability in both Waikato as well as Upper North Island region. Notably, the NZ$143 million investment is believed to enlarge transmission charges for few customers. Deputy Chair, Commerce Commission said that the Commission is comfortable with its final decision that bestows Transpower the flexibility via an incentive scheme and increased delivery time frame to administer uncertainty as well as ensure effective investment of money.

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