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Refining NZ shareholders today voted for a $365 million
expansion of petrol making facilities at the Marsden Point
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
"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
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
"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.