23/08/2013 - Z updates
Z has received resource consent for up to an additional 18 million litres of bulk fuel storage at the Port of Tauranga at Mount Maunganui.
The granting of consent is an important step forward as the Port of Tauranga is a particularly important North Island fuel import terminal and a final decision to build the additional tanks at the port could significantly improve the level of fuel security in the North Island.
The increase in capacity will be needed given the Port’s recent announcement that it has received approval to dredge the harbour to enable larger vessels to use it. This opens up the potential for Z to bring in bigger import cargoes of refined fuels and store more fuel at the port, delivering potentially significant improvements in freight rates.
This consent, plus the consent for additional bulk fuel storage at the Port of Lyttelton in Christchurch, provide Z with strong infrastructure investment options and will enable us to make good strategic decisions around how we import fuel in the most efficient way.
When the time is right to build these new tanks, this additional storage will start to address some of the serious infrastructure deficit that has developed over the last 20 - 30 years and enable a more secure and reliable supply of fuel to New Zealand.
As a New Zealand company, we believe we’ve got a backyard worth looking after. This is why we’re investing $26 million in building a biodiesel... read more