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27-04-2012

Shareholders say yes to Marsden Point refinery expansion

Refining NZ shareholders today voted for a $365 million expansion of 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 percent of shareholders vote in favour of the proposed CCR Project. A simple majority (50 percent) 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.

"All the analysis showed that the CCR Project is robust - even if refining remains volatile - and better than any of the alternatives we had considered. In the end the business case we presented proved compelling for the majority of our shareholders".

Rivers said the Company's first priority is to get the CCR Project started. "That begins this afternoon with the approval of capital expenditure and banking arrangements".

"We will also be speaking to those major shareholders who did not support the CCR Project to understand the rationale behind their decision.

"Refining NZ is a world-class refinery with a clear vision, and a talented group of people to ensure this expansion goes to plan and is up and running by 2015", he said.

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