Marsden Point refinery in Whangarei is reducing its output in response to a plunge in global margins on refined oil. The owner of Marsden Point refinery, Refining NZ, has confirmed about 90 staff have been made redundant due to restructuring. NZ Refining said it had set aside $5 million for restructuring and expected to reduce its operating costs – including its labour costs – by $20m next year. These include the possibility that it would stop refining and move to receiving imported oil, otherwise known as the import terminal model. Work had begun to further develop and refine the import terminal conversion plans, including estimated costs of conversion and timing, the company said.

Source: Stuff November 18, 2020 20:26 UTC