Shareholders have given a tick of approval for Refining NZ's transition to become an import-only fuel terminal at a meeting this morning.
The approval means the Marsden Pt-based oil refinery in Northland, run by Refning NZ, will proceed to a final investment decision by its board towards the end of September, with a target for transition by mid next year.
The new entity will be called Channel Infrastructure which will be New Zealand's leading independent fuel infrastructure company.
Fuel would be stored at the Marsden Pt site in existing tanks at what would be the largest fuel terminal in New Zealand, with 180 million litres of shared capacity, as well as the ability to provide additional storage if required.
Fuel from Marsden Pt would then be distributed on behalf of Channel Infrastructure's customers primarily to the Auckland and Northland markets, which make up about 40 percent of New Zealand's fuel demand, through the 170km refinery to Auckland pipeline and the truck loading facility adjacent to the refinery.