26/10/2011 - General News
Z Energy today commissioned 30 million litres of bulk fuel storage tanks at the Port of Lyttelton, and committed to at least $10 million of additional investment in the South Island’s fuel storage infrastructure over the coming two years.
Z Energy is the New Zealand company which owns and operates the Shell-branded retail fuel business. Z is owned by Infratil and the New Zealand Superannuation Fund.
The three 10 million litre tanks were formally opened by the Christchurch Earthquake Recovery Minister, the Honourable Gerry Brownlee and the Chair of the Z Board Marko Bogoievski at a ceremony at the Port of Lyttelton today.
Z Chief Executive Mike Bennetts said the commissioning of the tanks had been delayed twice by the Christchurch earthquakes and it was pleasing to formally open the facility.
“I want to thank all of the many people who have been involved in developing this important project, unfortunately under some difficult circumstances.
“These tanks will make an important contribution to ensuring a reliable fuel supply to Christchurch and surrounding areas and it feels good to be completing an investment which will play a role in helping get Christchurch back on its feet,” he said.
The tanks hold 30 million litres of jet fuel, diesel and petrol and have cost $25 million to construct. All of the 30 million litre capacity – enough to boost Canterbury’s stock cover by a week - is now fully operational.
Mike said the country’s bulk fuel storage had been rationalised and reduced over the previous decade and there was now a need for sustained investment in the country’s fuel infrastructure.
“As a company owned by New Zealanders and committed to New Zealand, Z will take a lead in investing in the country’s energy infrastructure. Today I am pleased to announce Z’s plans to spend at least $10 million in additional fuel storage in the South Island.”
Mike said that detail around the exact location for additional fuel storage was currently being worked through and further announcements confirming the size and location of new tankage would follow over the coming months.