The last time I went to Marsden Point was when the decision was made to close it in 2021 - there were so many workers on site. It felt quite sad to see it this quiet now. But the company has big plans and hopes to rehire people in the Northland community. Hope you enjoy this episode (and the safety gear haha).
Notice he doesn't mention that MP also manufactured very specific temperature rated road tar for our own roads. Now our roads turn to shit during hot summers!
@@greybuckleton It's not so much the temperatures but the particular stone chipping & substrates we use here. Basically NZ roads use absolutely shit ingredients with ONE GOOD ingredient (the specific road tar) now being deleted and replaced with inferior. You want see the best roads in the most extreme of places then go to Japan or Norway. They really put NZ civil engineering to shame
It's rubbish. The point of a refinery is moot, if we cannot source our own crude... Marsden NEVER refined NZ crude, only what was imported. What is the point?? Do it at larger scale (cheaper, more efficient) overseas. In terms of bitumen, you can import it exactly the same way that you can oil... The gold standard for roads is concrete, not bitumen, anyway... We use it only because it's fast and cheap, but it doesn't last long, anywhere around the world.... Concrete lasts!
I disagree.All bitumen needs to meet strict testing requirements in NZTA M01-A specification regardless of whether it was refined at Marsden Point or directly imported
Well that's got to be a first. A vlog with an intelligent fact based conversation about Marsden Point. A pleasant change from the often parochial, emotive rants.
It was one of Muldoon's dog investments. The taxpayers sold it to private interests. Many NZ motorists refused to pay a premium for NZ refined fuel and bought directly imported fuel. The shareholders refused to keep subsidising the NZ refined fuel for the decreasing number of loyal NZers who bought NZ refined fuel.
@@gpsfinancial6988 "The taxpayers sold it to private interests." This is outrageous framing. David Lange, leader of the Labour Government, gifted it to private interests.
Stop playing with it. It's you're thinking that has NZ going in circles, clockwise, to the 'right', can't see straight ahead. Mama England UUK (Un-United Kingdom/Queendom) UUQ thinking, who knows how to cancel culture infrastructure. HS2, Brexit and so and so on. We show our Anglo-Saxon English heritage so well. Those that have, will have more, those that don't, won't. NZ doesn't need your verbal diarrhoea. This government looking on Trade Me for replacement Cook Strait ferries. May talk to Fullers Ferries, as they have no rail on their boats. (edit) Please, learn some better spelling, punctuation and grammar.
You would prefer that tax-payers bail out a private company? Sounds like socialism to me; tax-payer money being spent for the betterment of tax-payers. You're a commie.
Oh Ryan, don’t use words you don’t understand. If Labour was truly communist they would have taken over the plant and run it as a state business. The fact that private shareholders sold it because they wanted a short-term gain tells me we ain’t communist.
Exactly the last muppets made it clear they wanted to be world leaders in the NET ZERO Agenda.. not foresight no understand of Energy demands of the masses and business just Virtue signalling
@@carl3941 exactly much around fresh water reforms carbon taxes etc Labour/greens made it very clear it would be uneconomic to not follow their woke narrative
Labour is too expensive in NZ, the regulations are too strict when it comes to utilising local natural resources and the market demand for oil isn't high.
@macunion1225 surely crude is ultimately easier to procure than refined? Correct me if I'm wrong. What does come out of the dozen or so oilfields we have in this country?
@@dwee3005 you can turn brown coal into diesel and we have billions of tons ...it's NZ TAR sands like Canada that supplies the USA with 70% of their heavy crude oil needs majority USA refineries are designed for sour heavy crudes..you can pay $60bbl for heavy crude Vs $90 for light Tapis sweet crude ... guess which one makes the best diesel!
What about when a dodgy shipment arrives in? I remember before the shut down, a few shipments were able to be refined again to bring it up to a usable standard. Never let accountants run a company or a country as they have no vision and can't make good long term decsions for the greater good.
How would that solve our energy problems? 1: NZ consumers already pay the highest price for 80% renewable generated 2: NZ has no expertise or skill to build NPP's which can take 10 years to build in countries that do! NZ...it would be 30 years 3: We don't have any quality domestic supply of Uranium available to fuel them so would still have to import fuel
i live and have worked out at the Marsden Refinery and i was very annoyed and couldn't believe when they decommissioned it. But like the CEO said we now import the finished product instead of importing the crude oil when Refinery was operational.. Thanks for pointing that out I'm not so annoyed now.
This guy got the job because he is rainbow. Not because he had any financial, strategic, or management sense. And why do we even need a CEO now for a rusting plant, can anyone explain.
The company has now turned the corner. It employees about 300 people and is expanding. They sold $70 million worth of product in the last 6 months. They are now profitable but have tax losses of $445 million from when they refined oil.
Oh dear, so much more to it than was was said, what about the CO2 production for example fire extinguishers and for making beer,the cost of this has gone through the roof, and don't get me started on the roading products that we now have to import at a premium price for an inferior products compared to what was coming from Marsden point
To say Importing refined fuel instead of crude is the same risk, can't be right. Crude would be far easier to source globally. Especially after the previous govt ensured this was closed down and we were put offside with one of the largest producers, closing a large source of supply down
As I shareholder in CHI i was disgusted by the closer of the refinery as its actually a "strategic national security" issue. We MUST as a country have the ability to produce our own domestic fuels and the irrational knee jerk global response to covid proved that beyond doubt. Because we are so isolated we should have this ability at all times I voted against the closer.
I do not know if you are factually correct. But doesn’t one require sustained crude supply in order to refine? Buying refined at competitive terms, leading to better returns for kiwi shareholders: isn’t that a better option? I’m assuming that there will be less environmental impact through not having to refine onshore?
@@bierstick Does NZ get competitive pricing? Its doesn't have to be just imported crude that can be refined into usable fuels. We also have plenty of oil in our own back yard in the Southern basin but we as a country refuse to invest in the technology to extract it. During covid, NZ was put down as low priority on the list for fuel tanker deliveries. That is a threat to our National Security
@@tradetech7889 You make well reasoned points. However at this stage of sustainable fuel development and EV technology, I vehemently oppose any exploration or drilling in the pristine waters off New Zealand.
I don't think Rob Muldoon would have been happy about this! From what I remember this refinery was built with taxpayers money in the 1970s to hedge against oil shocks. I wonder if there is a government bond that paid for this thing that is still being paid off. Clearly the company did not put the money into it to keep the refinery competitive and instead all the "value-added" in refining now goes to Singapore. It seems that a lot of business plans in the West consist of teams of accountants - and you have to admit that guy looks like an accountant (complete with fidgeting fingers) - who starve business of investment and extract wealth in terms of dividends and eventually close them down after all the assets have been stripped. Let's hope these MBAs know how to run hydro electric stations better than oil refineries. I think the Taranaki oil gets shipped to Melbourne for refining in one of Australia's two remaining refineries.
Marsden Point shareholders threw good money after bad trying to prop it up, eventually the cut their losses and decided to close the refinery part of the business. When NZ refined fuel was still available NZ motorists voted with their wallets and bought directly imported cheaper fuel - I bet you were one of them.
the directly imported fuel wasn’t the majority of the gas sold that’s a copout. I worked at the refinery as a contractor in 2018 after working around Australia and Taranaki in other oil and gas facilities and the refinery was not operated well they were dangerous and allowed project managers to waste money where is wasn’t needed and not spend it wheee it was. Saw guys refuse to reuse bolts due to there being no threads left and told not enough money to replace them.
@@MrSwf21 Was that when they spent $85 million on maintenance including shutting down the whole plant for a while? The following year they only made $4 million in profit, the year after that they lost $198 million.
Interesting interview Madison. Thank you for bringing channel to my attention. A few weeks ago you did a video on Santana minerals that peaked my interest too. I did a lot more research on Santana, and decided to buy, so far that is up almost 45%. Channel is now on my radar too. Great dividend stock going forward I need to seriously consider adding it to my Sharesies KiwiSaver portfolio. I also own rocket lab, which you have also profiled several times. I can see some future possibilities between rocket lab and channel, especially if Rklb wanted to launch their new neutron rocket out of nz. This is not possible atm because nz doesn’t have the fuel to launch a single rocket. But add channel into the mix… hmmm. Not only are your UA-cam videos informative and well researched, but I’m making money listening to your posts :) Thank you girl, you rock! Ps: any chance of an interview with Auckland airport or nz wind farms?
Go Woke, Go Broke!!Let it be a lesson to every New Zealander to keep the WOKE MOB the hell out of being a ruling party!! Remember if we vote on DEI, then this is the outcome. Have seen my previous company blow up in smoke in Auckland due to their DEI policies and hardworking, genuine people left out on leadership positions. Let's get people on the content of character, capability, hardwork and not on the colour of skin, Gender or their sexual preference!
It couldn’t make a profit because the government wanted wanted to cut the sulphur content in the fuel the company wanting to be just an importer of fuel means that New Zealand has no security of fuel we have to rely on overseas imports and as the world war expands so will the price of crude oil or fuel so imagine paying five dollars a litre for fuel here which is coming and New Zealand is a long way away from its closest market which may not want to supply us fuel oh how does New Zealand survive without it how do we get food to the supermarkets how do we get exports to the docs if we don’t have fuel
I think it's a coat thing. These new roads fall apart quickly but cost less to lay down. Now they are mixing plastics into the mix which is the worst idea I've ever heard. It will breakdown even faster because of heat, UV and pressure and send micro plastics into water ways, oceans and ground water. It's going to get into our food supply even more. They say it allows them to "recycle" the roading but we know that won't happen.
Great interview. I would love to see the SAF project succeed but interestingly there is zero support for this from anyone in government. Not even so much as a tax break.
Rob spoke about the challenges inherent to taking a strong position on SAF, given natural constraints etc. Perhaps the question should be: are there credible long term economic benefits to New Zealand that accrue from being at the forefront of SAF development and uptake/ offtake? If so, then they are well worth exploring. If the benefits are likely to become rapidly commoditised, like refined fossil fuels, perhaps not. I am sure there are analyses exploring this, somewhere, specifically relating to New Zealand energy supply infrastructure.
This CEO is clearly in the woke worship Adern brigade. I bet if someone with the right mindset and not full of shit like that baldy moron got their hands on that plant they could turn it around pretty quick and for way less than the amounts he was talking about.
Looking back they were the best years as there were no big stories in NZ media about poverty and homelessness here only in other countries. I don't know how NZ could return to those days though.
Great interview thanks! Great to understand the fundamentals. As an EV and ICE owner I think petrol will continue to decline but not to zero. Your daily driver will be EV as almost free to run, but road tripping may still be in petrol depending on the trip. ICE will stabilize out at about 10% of the fleet with EV'S continuing up to around 90%.
EV's are nowhere near "almost free to run". And anyone claiming fuel will go to zero vs EV simply has not got a clue. I will be astonished if EV make 50% of the fleet longterm. All these predictions are the same bullshit as "climate change". Just like the "oil crisis" in the 70's this EV fad will flip on its head within the next 10 years once the scam is fully exposed thats assuming WW3 doesnt break out because if that happens we will never go past 10% EV.
There is not enough electricity to charge all the EVs if 90% of people bought them. With the current state of the electricity supply there could end up being EV carless days in the future. When there was a fuel shortage years ago there were carless days then so they could happen again.
Yea close it down during a energy crisis thats just madness and importing low grade coal while we have some of the cleanist burning coal and in abundance under our ground let alone this carbon free by such in such years is just a fiary tale of epic proportions .
Inside shutdown Marsden Point oil refinery - "In any system of energy, Control is what consumes energy the most. No energy store holds enough energy to extract an amount of energy equal to the total energy it stores. No system of energy can deliver sum useful energy in excess of the total energy put into constructing it. This universal truth applies to all systems. Energy, like time, flows from past to future" (2017).
If by sustainable jet fuel he means combining green hydrogen, derived from water via electrolysis powered by renewable energy, with carbon captured from the atmosphere, then Marsden Point would be a winner as it has the room to manufacture to supply NZ and export via the deepwater harbour and jetty. All the new plant would need offsite would be a decent sized local windfarm.
Seems to me like the EV cars are good but the battery tech is pretty average, and not very green, and don’t mention thermal run away. But it’s a bit like nuclear fusion, it’s always only 3 years away, the only clean fuel alternative is fusion or hydrogen and fusion would need dirty batteries so hydrogen seems to be the front runner, or we engineer combustion engines that are so efficient it’s carbon neutral…
@@kiwiingrid but hydrogen has to be extracted first. They are not designing hydrogen cars that produce hydrogen when you pour water in. It must be extracted first.
So petro companies who are the shareholders voted not to refine oil in country to cousin price fluctuations when the prices go up. Who owns the fuel we have to buy at what ever price they say?
I am pleased to see the ALUMINIUM insulation cladding on the equipment ,pipelines etc my COMPANY installed remain in place, installed under last of Minister Rob Muldoon THINK BIG BILION DOLLAR project funding .
@@gpsfinancial6988 So he's right, as it only ever imported crude it never gave greater fuel security than it does now as an import and store age facility for refined fuels. The Muldoon 'Think Big' expansion of 320 million (1980s) was a further waste of money and infrastructure. Money that could have been better spent on building an Auckland metro from the CBD to the airport and the north shore, which still don't exist!
This guy is so full of shit!! “ Refining NZ at Marsden Point is New Zealand's only refiner of oil products and is one of the most modern refineries in the world,” explains Koutsaenko. “It processes a range of imported crude oils, producing premium and regular petrol, automotive and marine diesel, kerosene and other fuel oils. It supplies up to 70% of the demand for fuel, with the rest being imported mainly from refineries in Asia, the Middle East and the Pacific.
Nonsense, you silly troll. As he said, the EV product will only get better with cheaper vehicles with longer range and faster widespread public charging. The ICE will soon, like the steam engine, be consigned to the dustbin of history.
EV sales are over 50% in the world's biggest car market. In Norway EVs are over 90% of cars sales, petrol stations there are closing or becoming charging stations.
Yes, sure. The Norwegian government paid for it. Not just the cars but also the infrastructure for EV. They had a dollar surplus, which they earned through exporting Oil and gas to Europe.
There is no way Marsden can compete with Asian refineries, the Industry and shareholders understand this very well. China alone refines 18 million barrels a day, Marsden supplied ~70% of our needs and the rest was imported... that's my understanding of it.
Sooner we realise this is the past and the dinosaurs of politicians realise this and stop the blame game get on with getting into future’s energy’s source the better.
I agree with him.....EV sales are only going to continue to increase. Once those lower cost Chinese EVs start hitting the EV market. The owners of the Refinery have gotten out of the refinery business and bought into the electric companies. lol
The US will sanction the chinese EV market and economy into oblivion. People were laughing when trump had the trade war against china but the fact is if you look at china's economy its failing and the US is clearly winning that trade war right now (because it doesnt matter if Trump or Biden/whoever is in there the US govt machine operating in the background still does the same general thing they might just do it in slightly different ways) things will only get worse as all major US corporates leave china for other less commie countries and China becomes more isolated to the west like Russia.
@@kiwiingrid Bud...they don't sell Chinese models like BYD or others in the USA...the US is so scared of the Chinese manufacturers...the US just slapped a 100% tariff on them and so did Canada. News flash sunshine....you don't slap 100% tariff on Chinese EVs unless you're scared of them. "The BYD Seagull EV Honor Edition starts at $9,700 US. The EV version is offered with either a 48 kWh or 57.6 kWh battery pack for up to 261 mi (420 km) or 316 mi (510 km) CLTC range, respectively." I'll be buying one of these soon...and charging it up off the panels from the paddock. Screw the oil barons..... Wake up yerself bud....
The last time I went to Marsden Point was when the decision was made to close it in 2021 - there were so many workers on site. It felt quite sad to see it this quiet now. But the company has big plans and hopes to rehire people in the Northland community. Hope you enjoy this episode (and the safety gear haha).
Great interview Madison. You just don't disappoint. We need more Journalists like you.
Ev won't do shit waste of money, resources
@@ronaldwarren1267ours have been working fine for 8 years. Our energy is free and the diesel fumes don’t make our kids stupid
Notice he doesn't mention that MP also manufactured very specific temperature rated road tar for our own roads. Now our roads turn to shit during hot summers!
Surely we can get this elsewhere? It's not like NZ is unusually hot. I remember the road melting basically all my life.
@@greybuckleton It's not so much the temperatures but the particular stone chipping & substrates we use here. Basically NZ roads use absolutely shit ingredients with ONE GOOD ingredient (the specific road tar) now being deleted and replaced with inferior. You want see the best roads in the most extreme of places then go to Japan or Norway. They really put NZ civil engineering to shame
@@tradetech7889 seems like you should be able to order that tar? Companies order different spec items all the time.
It's rubbish. The point of a refinery is moot, if we cannot source our own crude... Marsden NEVER refined NZ crude, only what was imported. What is the point?? Do it at larger scale (cheaper, more efficient) overseas.
In terms of bitumen, you can import it exactly the same way that you can oil...
The gold standard for roads is concrete, not bitumen, anyway... We use it only because it's fast and cheap, but it doesn't last long, anywhere around the world.... Concrete lasts!
I disagree.All bitumen needs to meet strict testing requirements in NZTA M01-A specification regardless of whether it was refined at Marsden Point or directly imported
This is rapidly rising up the ranks of my favourite UA-cam channels! Love your work!
Agreed, Madison / NZherald put some effort into these long form stories it’s great to see in the declining NZ media landscape.
Well that's got to be a first. A vlog with an intelligent fact based conversation about Marsden Point. A pleasant change from the often parochial, emotive rants.
How does 1 company decide to shut down a strategic asset that was built with taxpayers money? It doesn't make sense.
The government sold it to them. It was theirs to shut down as they pleased
It was one of Muldoon's dog investments. The taxpayers sold it to private interests. Many NZ motorists refused to pay a premium for NZ refined fuel and bought directly imported fuel. The shareholders refused to keep subsidising the NZ refined fuel for the decreasing number of loyal NZers who bought NZ refined fuel.
@@gpsfinancial6988 "taxpayers sold it to private interests" you mean taxpayer paid 80 million dollars to private interests and giving them the plant?
Exactly…!
@@gpsfinancial6988 "The taxpayers sold it to private interests." This is outrageous framing. David Lange, leader of the Labour Government, gifted it to private interests.
This was labour contributing to nzs failing economy, one of theyre tasks to move nz closer to communism/ socialism
Stop playing with it. It's you're thinking that has NZ going in circles, clockwise, to the 'right', can't see straight ahead.
Mama England UUK (Un-United Kingdom/Queendom) UUQ thinking, who knows how to cancel culture infrastructure. HS2, Brexit and so and so on.
We show our Anglo-Saxon English heritage so well. Those that have, will have more, those that don't, won't.
NZ doesn't need your verbal diarrhoea.
This government looking on Trade Me for replacement Cook Strait ferries. May talk to Fullers Ferries, as they have no rail on their boats.
(edit) Please, learn some better spelling, punctuation and grammar.
You would prefer that tax-payers bail out a private company? Sounds like socialism to me; tax-payer money being spent for the betterment of tax-payers. You're a commie.
Oh Ryan, don’t use words you don’t understand. If Labour was truly communist they would have taken over the plant and run it as a state business. The fact that private shareholders sold it because they wanted a short-term gain tells me we ain’t communist.
When he says 'there was no support from the then-current Government' and this was a 'purely economic decision', my BS meter redlined.
It was very much professional speak for we had no choice as the government made us not be able to operate.
Exactly the last muppets made it clear they wanted to be world leaders in the NET ZERO Agenda.. not foresight no understand of Energy demands of the masses and business just Virtue signalling
give this man 2 more years, even importing jet fuel and storage will be unprofitable.
@@carl3941 exactly much around fresh water reforms carbon taxes etc Labour/greens made it very clear it would be uneconomic to not follow their woke narrative
Great interview. Decision seems to have been made on short term factors and political views of day. Economic sabotage.
Build a new one then. Energy security for NZ surely means utilising our own natural resources, correct?
Labour is too expensive in NZ, the regulations are too strict when it comes to utilising local natural resources and the market demand for oil isn't high.
as he said we dont have crude to process in any case , we actually have more fuel security when fuel can be sourced from any supplier
@macunion1225 surely crude is ultimately easier to procure than refined? Correct me if I'm wrong.
What does come out of the dozen or so oilfields we have in this country?
@@DEFENDERNZthe oil that comes from NZ can't be used in vehicles or for energy production..hmmm
@@dwee3005 you can turn brown coal into diesel and we have billions of tons ...it's NZ TAR sands like Canada that supplies the USA with 70% of their heavy crude oil needs majority USA refineries are designed for sour heavy crudes..you can pay $60bbl for heavy crude Vs $90 for light Tapis sweet crude ... guess which one makes the best diesel!
Labour allowed this to happen ..hundreds of workers redundant ...Now because of what happend LABOUR is REDUNTANT ..
How did labour do this?
Labour sets 'green' policies forcing us to import, raising the cost of fuel at the pump. Comrade jacinda, is to blame.
@@ryanparker8773 I thought we imported fuel regardless?
Thanks Labour
@@kiwikiwi223 we used to produce about 10 million barrels a year. Now we have to purchase it from asia
What about when a dodgy shipment arrives in? I remember before the shut down, a few shipments were able to be refined again to bring it up to a usable standard.
Never let accountants run a company or a country as they have no vision and can't make good long term decsions for the greater good.
Isn't it accountants running our councils?
No natives
If a dodgy shipment arrives, it get sent to Australia and re-refined. Not sure who pays for it though….
These are not accountants. Accountants would know better. People running are humanities, major in arts, communication and gender studies.
Having to now import low quality bitumen is one of the causes of all out pot holes
If the coalition really wants to solve our energy problems they'd repeal the antinuclear policy.
How would that solve our energy problems?
1: NZ consumers already pay the highest price for 80% renewable generated
2: NZ has no expertise or skill to build NPP's which can take 10 years to build in countries that do! NZ...it would be 30 years
3: We don't have any quality domestic supply of Uranium available to fuel them so would still have to import fuel
Didn't they say they wanted more thermal generation?
It's most probably not the best idea, using fuel cells is most probably better.
@@tradetech7889l gather Australia is loaded with uranium.
i live and have worked out at the Marsden Refinery and i was very annoyed and couldn't believe when they decommissioned it. But like the CEO said we now import the finished product instead of importing the crude oil when Refinery was operational.. Thanks for pointing that out I'm not so annoyed now.
Until New Zealand can explore for, produce and refine ALL of it's oil and gas- our energy reliance and prices will only continue to go UP!
Upto 2017 there were no new discoveries of oil or gas, so how long do you keep looking?
@@89hatters You are actually completely wrong.
Once we harvest the power of these magic beans we won’t need any fossil fuels!
This guy got the job because he is rainbow. Not because he had any financial, strategic, or management sense. And why do we even need a CEO now for a rusting plant, can anyone explain.
The company has now turned the corner. It employees about 300 people and is expanding. They sold $70 million worth of product in the last 6 months. They are now profitable but have tax losses of $445 million from when they refined oil.
That is BS imo
A rather ignorant comment.
haha brutal.
Oh dear, so much more to it than was was said, what about the CO2 production for example fire extinguishers and for making beer,the cost of this has gone through the roof, and don't get me started on the roading products that we now have to import at a premium price for an inferior products compared to what was coming from Marsden point
Haha you don’t need co2 to make beer. Beer makes that all by itself .
To say Importing refined fuel instead of crude is the same risk, can't be right. Crude would be far easier to source globally. Especially after the previous govt ensured this was closed down and we were put offside with one of the largest producers, closing a large source of supply down
So sick of the climate change nonsense. "Fossil fuels" (which is a greeny slur) will ALWAYS be needed & critical.
As I shareholder in CHI i was disgusted by the closer of the refinery as its actually a "strategic national security" issue. We MUST as a country have the ability to produce our own domestic fuels and the irrational knee jerk global response to covid proved that beyond doubt. Because we are so isolated we should have this ability at all times
I voted against the closer.
I do not know if you are factually correct.
But doesn’t one require sustained crude supply in order to refine?
Buying refined at competitive terms, leading to better returns for kiwi shareholders: isn’t that a better option?
I’m assuming that there will be less environmental impact through not having to refine onshore?
@@bierstick Does NZ get competitive pricing? Its doesn't have to be just imported crude that can be refined into usable fuels. We also have plenty of oil in our own back yard in the Southern basin but we as a country refuse to invest in the technology to extract it.
During covid, NZ was put down as low priority on the list for fuel tanker deliveries. That is a threat to our National Security
@@tradetech7889 You make well reasoned points. However at this stage of sustainable fuel development and EV technology, I vehemently oppose any exploration or drilling in the pristine waters off New Zealand.
@@bierstick true, far better to extract oil from the Indian ocean I’m sure India has great environmental standards.
I disagree as using our local electric energy supply is the strategic path forward imo
Another brilliant interview, I’d love to see an episode for Tiwai point
Thanks Kyle, me too! I’ve asked Rio Tinto but they’re not keen, I’ll keep trying.
I don't think Rob Muldoon would have been happy about this! From what I remember this refinery was built with taxpayers money in the 1970s to hedge against oil shocks. I wonder if there is a government bond that paid for this thing that is still being paid off. Clearly the company did not put the money into it to keep the refinery competitive and instead all the "value-added" in refining now goes to Singapore. It seems that a lot of business plans in the West consist of teams of accountants - and you have to admit that guy looks like an accountant (complete with fidgeting fingers) - who starve business of investment and extract wealth in terms of dividends and eventually close them down after all the assets have been stripped. Let's hope these MBAs know how to run hydro electric stations better than oil refineries.
I think the Taranaki oil gets shipped to Melbourne for refining in one of Australia's two remaining refineries.
Marsden Point shareholders threw good money after bad trying to prop it up, eventually the cut their losses and decided to close the refinery part of the business. When NZ refined fuel was still available NZ motorists voted with their wallets and bought directly imported cheaper fuel - I bet you were one of them.
the directly imported fuel wasn’t the majority of the gas sold that’s a copout.
I worked at the refinery as a contractor in 2018 after working around Australia and Taranaki in other oil and gas facilities and the refinery was not operated well they were dangerous and allowed project managers to waste money where is wasn’t needed and not spend it wheee it was. Saw guys refuse to reuse bolts due to there being no threads left and told not enough money to replace them.
@@MrSwf21 Was that when they spent $85 million on maintenance including shutting down the whole plant for a while? The following year they only made $4 million in profit, the year after that they lost $198 million.
@@gpsfinancial6988probably
This CEO is totally the wrong person to be responsible for this valuable asset. He wants to make sure that it never operates again. He is a liability.
I think he understands the economics a heck of a lot better than a random UA-cam commenter or politicians know.
@@growtocycle6992 wrong….
Why is this woke CEO premoting ev's?
He must be unaware there is an electricity crisis. He must also be unaware that it's not just range being the reason many people don't want them.
because hes right there will come a point when batterys tech will become so good petrel will make no sense
Interesting interview Madison. Thank you for bringing channel to my attention. A few weeks ago you did a video on Santana minerals that peaked my interest too. I did a lot more research on Santana, and decided to buy, so far that is up almost 45%. Channel is now on my radar too. Great dividend stock going forward I need to seriously consider adding it to my Sharesies KiwiSaver portfolio. I also own rocket lab, which you have also profiled several times. I can see some future possibilities between rocket lab and channel, especially if Rklb wanted to launch their new neutron rocket out of nz. This is not possible atm because nz doesn’t have the fuel to launch a single rocket. But add channel into the mix… hmmm. Not only are your UA-cam videos informative and well researched, but I’m making money listening to your posts :) Thank you girl, you rock!
Ps: any chance of an interview with Auckland airport or nz wind farms?
29% return - that's a huge return. No wonder Shane Jones is focusing on re-starting the refinery.
fantastic piece of journalism , the guy she interviewed seemed so honest and forthright , its definitely changed my mind on the shut down
Go Woke, Go Broke!!Let it be a lesson to every New Zealander to keep the WOKE MOB the hell out of being a ruling party!! Remember if we vote on DEI, then this is the outcome. Have seen my previous company blow up in smoke in Auckland due to their DEI policies and hardworking, genuine people left out on leadership positions. Let's get people on the content of character, capability, hardwork and not on the colour of skin, Gender or their sexual preference!
CO2 another byproduct from mp,my bottle used to cost 50dollars. Now it cost me 200dollars to fill.its just wrong.
The ev market in China is collapsing. A lot of Chinese ev makers have gone bust.
Boost our strategic reserve and build an LNG import terminal by 2026.We need fossil fuels for decades to come.🇳🇿🙏
$4.90 to $3.37 stock price plunge in the last year, you guys deserve a bonus! 🤣
It couldn’t make a profit because the government wanted wanted to cut the sulphur content in the fuel the company wanting to be just an importer of fuel means that New Zealand has no security of fuel we have to rely on overseas imports and as the world war expands so will the price of crude oil or fuel so imagine paying five dollars a litre for fuel here which is coming and New Zealand is a long way away from its closest market which may not want to supply us fuel oh how does New Zealand survive without it how do we get food to the supermarkets how do we get exports to the docs if we don’t have fuel
Great Video ! Thanks Madison. And you asked very good questions.. :)
Its a shame the imported asphalt we use is such rubbish, the old locally made asphalt lasted a lot longer on our roads.
I think it's a coat thing. These new roads fall apart quickly but cost less to lay down. Now they are mixing plastics into the mix which is the worst idea I've ever heard. It will breakdown even faster because of heat, UV and pressure and send micro plastics into water ways, oceans and ground water. It's going to get into our food supply even more. They say it allows them to "recycle" the roading but we know that won't happen.
maybe its because like typical kiwis we ask for the cheapest
09:21. That is very good to hear it has been decommissioned fully. Part of the change to local New Zealand energy via electric cars etc. Thanks. 😅😊
🤣😂
Another great interview Madison 👍
At 9:30 Madison makes a good case to nationalise what should be a utility not a privatised Monopoly.
Great interview. I would love to see the SAF project succeed but interestingly there is zero support for this from anyone in government. Not even so much as a tax break.
Brilliant interview!
Rob spoke about the challenges inherent to taking a strong position on SAF, given natural constraints etc.
Perhaps the question should be: are there credible long term economic benefits to New Zealand that accrue from being at the forefront of SAF development and uptake/ offtake?
If so, then they are well worth exploring.
If the benefits are likely to become rapidly commoditised, like refined fossil fuels, perhaps not.
I am sure there are analyses exploring this, somewhere, specifically relating to New Zealand energy supply infrastructure.
I wonder what sort of effect SAF has on the wear and tear of engines plus what sort of range it gives aircraft in comparison to current aviation fuel?
Plenty of money to be made re-commissioning a de-commissioned plant !
Grow bamboo, sugarcane and sugar beet and make ethanol.
How can Shane Jones be talking about opening the refinery if it simply can’t be?
Anything is possible if you are enthusiastic and willing.
This CEO is clearly in the woke worship Adern brigade. I bet if someone with the right mindset and not full of shit like that baldy moron got their hands on that plant they could turn it around pretty quick and for way less than the amounts he was talking about.
I remember when it was built...and constant labour strikes in the 80's adding to its cost. But that's another story.
Looking back they were the best years as there were no big stories in NZ media about poverty and homelessness here only in other countries. I don't know how NZ could return to those days though.
100's of real jobs did lose their job and the A holes who closed It down still got their jobs!
Lots of buzz words, but I really enjoyed that interview
Mr Fidgety fingers Body language let alone nervous vibes going on here 🤓
Yep ... his body language says it all doesn't it
Great interview thanks! Great to understand the fundamentals. As an EV and ICE owner I think petrol will continue to decline but not to zero. Your daily driver will be EV as almost free to run, but road tripping may still be in petrol depending on the trip. ICE will stabilize out at about 10% of the fleet with EV'S continuing up to around 90%.
EV's are nowhere near "almost free to run". And anyone claiming fuel will go to zero vs EV simply has not got a clue. I will be astonished if EV make 50% of the fleet longterm. All these predictions are the same bullshit as "climate change". Just like the "oil crisis" in the 70's this EV fad will flip on its head within the next 10 years once the scam is fully exposed thats assuming WW3 doesnt break out because if that happens we will never go past 10% EV.
There is not enough electricity to charge all the EVs if 90% of people bought them. With the current state of the electricity supply there could end up being EV carless days in the future. When there was a fuel shortage years ago there were carless days then so they could happen again.
Yea close it down during a energy crisis thats just madness and importing low grade coal while we have some of the cleanist burning coal and in abundance under our ground let alone this carbon free by such in such years is just a fiary tale of epic proportions .
Who is being interviewed? Name/ title?
"New Zealand has some of the longest supply lines for fuel delivery and yet it keeps far lower reserves of fuel than other developed countries,”
EVs can already go to the Coromandel without stopping. Even Taupo. Just not Auckland to Wellington.
Inside shutdown Marsden Point oil refinery - "In any system of energy, Control is what consumes energy the most.
No energy store holds enough energy to extract an amount of energy equal to the total energy it stores.
No system of energy can deliver sum useful energy in excess of the total energy put into constructing it.
This universal truth applies to all systems.
Energy, like time, flows from past to future" (2017).
He said 2050, that's WEF speak!
If by sustainable jet fuel he means combining green hydrogen, derived from water via electrolysis powered by renewable energy, with carbon captured from the atmosphere, then Marsden Point would be a winner as it has the room to manufacture to supply NZ and export via the deepwater harbour and jetty. All the new plant would need offsite would be a decent sized local windfarm.
Sounds expensive. Seems we may have to import aviation fuel from Asia.
@@navalfa7291 This is to replace imported aviation fuel by producing home-grown SAV, that is also available to export for profit.
Seems to me like the EV cars are good but the battery tech is pretty average, and not very green, and don’t mention thermal run away. But it’s a bit like nuclear fusion, it’s always only 3 years away, the only clean fuel alternative is fusion or hydrogen and fusion would need dirty batteries so hydrogen seems to be the front runner, or we engineer combustion engines that are so efficient it’s carbon neutral…
Japan has been making hydrogen vehicles for a year or more so it shouldn't be long before will have the option of buying them.
@@kiwiingrid Good luck finding somewhere to refuel one if you buy one.
@@petercreagh8797 shouldn't be a problem seeing as the fuel is water and I have taps.
@@kiwiingrid but hydrogen has to be extracted first. They are not designing hydrogen cars that produce hydrogen when you pour water in. It must be extracted first.
@@petercreagh8797 it's all done by converter within the car engineering, you need to research and watch the videos.
Re storage. Wheat from south Australia for poultry feed
So petro companies who are the shareholders voted not to refine oil in country to cousin price fluctuations when the prices go up. Who owns the fuel we have to buy at what ever price they say?
fuel cost up at the pump and their profit up 45% ?
Yep, we're being even more screwed over.
thanks again Madison
I am pleased to see the ALUMINIUM insulation cladding on the equipment ,pipelines etc my COMPANY installed remain in place, installed under last of Minister Rob Muldoon THINK BIG BILION DOLLAR project funding .
Did NZ not refine its own oil from offshore Taranaki?
No - it imported oil to refine. The Taranaki stuff is a different grade and went elsewhere.
@@gpsfinancial6988 actually some oil from Taranaki got refined at Marsden Point.
@@gpsfinancial6988 So he's right, as it only ever imported crude it never gave greater fuel security than it does now as an import and store age facility for refined fuels. The Muldoon 'Think Big' expansion of 320 million (1980s) was a further waste of money and infrastructure. Money that could have been better spent on building an Auckland metro from the CBD to the airport and the north shore, which still don't exist!
interesting people still bag think big when private companies are still profitable with most of those projects
@@grahamcook9289 but it could refine Taranaki crude, but they will never say it even though we did refine it there.
If you want a tiny refinery you need to pay more at the pump.
Full on, mate! You look good in that outfit.
They import a cheaper product but the consumer pays more at the pump. Mmmm.😟
Thanks for making this video. It was very informative. Especially for such a controversial facility.
How the hell do you create so much content so quickly
A caffeine addiction
So the refinery assets are no good anymore, but wait they're good enough that someone else wants to buy them and refine with them.
bla bla Bla
Nice outfit Madison.
This guy is so full of shit!! “
Refining NZ at Marsden Point is New Zealand's only refiner of oil products and is one of the most modern refineries in the world,” explains Koutsaenko. “It processes a range of imported crude oils, producing premium and regular petrol, automotive and marine diesel, kerosene and other fuel oils. It supplies up to 70% of the demand for fuel, with the rest being imported mainly from refineries in Asia, the Middle East and the Pacific.
Electric cars are as dead as the refinery
Nonsense, you silly troll. As he said, the EV product will only get better with cheaper vehicles with longer range and faster widespread public charging. The ICE will soon, like the steam engine, be consigned to the dustbin of history.
EV sales are over 50% in the world's biggest car market. In Norway EVs are over 90% of cars sales, petrol stations there are closing or becoming charging stations.
Yes, sure. The Norwegian government paid for it. Not just the cars but also the infrastructure for EV. They had a dollar surplus, which they earned through exporting Oil and gas to Europe.
Not just shortsightedness but the pied piper leading the blind.@@gpsfinancial6988
@@navaneethv1709 Do you really think that the Norwegian Government is giving their citizens free EVs?
does not add up at all...
…”so, yep”…!
There is no way Marsden can compete with Asian refineries, the Industry and shareholders understand this very well. China alone refines 18 million barrels a day, Marsden supplied ~70% of our needs and the rest was imported... that's my understanding of it.
She so pretty 😍 ❤❤ 😉
Sooner we realise this is the past and the dinosaurs of politicians realise this and stop the blame game get on with getting into future’s energy’s source the better.
Except for the Private Jet Set. 😂
I agree with him.....EV sales are only going to continue to increase. Once those lower cost Chinese EVs start hitting the EV market. The owners of the Refinery have gotten out of the refinery business and bought into the electric companies. lol
The US will sanction the chinese EV market and economy into oblivion. People were laughing when trump had the trade war against china but the fact is if you look at china's economy its failing and the US is clearly winning that trade war right now (because it doesnt matter if Trump or Biden/whoever is in there the US govt machine operating in the background still does the same general thing they might just do it in slightly different ways) things will only get worse as all major US corporates leave china for other less commie countries and China becomes more isolated to the west like Russia.
BS, when people wake up, like they have in USA they'll ditch them and they'll be sitting in car yards for months.
@@kiwiingrid Bud...they don't sell Chinese models like BYD or others in the USA...the US is so scared of the Chinese manufacturers...the US just slapped a 100% tariff on them and so did Canada.
News flash sunshine....you don't slap 100% tariff on Chinese EVs unless you're scared of them.
"The BYD Seagull EV Honor Edition starts at $9,700 US. The EV version is offered with either a 48 kWh or 57.6 kWh battery pack for up to 261 mi (420 km) or 316 mi (510 km) CLTC range, respectively."
I'll be buying one of these soon...and charging it up off the panels from the paddock. Screw the oil barons.....
Wake up yerself bud....
Nobody wants EV's! They have proven a disaster both economically & environmentally. Basic Hybrids are the way to go
Forward thinking company, forward thinking shareholders. Good interview