Greenstone Energy pumps up the volume

Photo / Supplied

Greenstone Energy has taken delivery of its first shipment of oil with 700,000 barrels delivered at Marsden Pt.

The company was formed by the New Zealand Superannuation Fund and Infratil to buy Shell's New Zealand downstream oil operations and shareholding in the New Zealand Refining Company, a deal completed in April.

In its latest monthly update Infratil said fuel sales were ahead of the same period last year despite industry volumes being down.

Greenstone supplies about 30 per cent of the country's fuel.

Since the Shell purchase, the company has committed to building a $3 million petrol station at Bethlehem near Tauranga.

The oil shipment from the Middle East was landed as prices were yesterday heading back towards US$80, its highest in almost eight weeks as tropical storm Alex forced Mexico to reduce oil exports and some producers in the US to curb output and evacuate platforms.