Channel Infrastructure, the Marsden Point fuel import terminal, has officially launched with trading on the New Zealand stock exchange (NZX).
The renamed company began trading on Friday, April 1, under the new ticker CHI.
It follows the shutdown of refining operations at Marsden Point over the last two weeks.
The long-term terminal services agreements with customers BP, Mobil and Z Energy have commenced and the first import shipment is expected to discharge at Marsden Point in the coming days.
Chief executive Naomi James says it’s a significant milestone for the company.
“After 60-years of operations as New Zealand’s only oil refinery, we look back on our past with pride, and because of this change, we can now also look to the future with confidence that we have a sustainable business that will continue to contribute to our community, and New Zealand, long into the future.
“The transition to Channel Infrastructure with its ownership of critical infrastructure and long-term contracts represents a fundamental reset in our business providing stable earnings and returns for our shareholders.
“Channel Infrastructure is New Zealand’s leading fuel infrastructure company, and we have strong aspirations for growth. We are well positioned to support New Zealand’s changing future fuel needs, with further growth opportunities for repurposing of the Marsden Point site available to us,” James says.
