In-principle agreement reached with Mobil

30 August 2021 NZX announcement

In-principle agreement on import terminal reached with Mobil

Refining NZ confirms that it has now reached in-principle agreement
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with Mobil Oil New Zealand
Limited (“Mobil”) on key commercial terms including price for a potential import terminal operation
at Marsden Point. This means Refining NZ now has the agreement of all three of its existing refinery
customers, with similar agreements having been reached with each of bp in February 2021 and Z
Energy in May 2021.

The key terms

of the agreement with Mobil align with those approved by shareholders on 6 August
2021.

The Company is now focused on concluding the negotiation of Terminal Services Agreements with all
customers and completing the Front-End Engineering and Design (FEED) and detailed
implementation planning for the conversion, ahead of a final investment decision which is targeted
for around the end of September and would enable conversion to occur by mid-2022.

CEO, Naomi James said: “It is pleasing to now have the in-principle agreement of all three of our
customers. This provides added certainty regarding the final terms for a potential import terminal,
as well as the expected timing for a Final Investment Decision and ultimate conversion”.

“We remain focused on concluding our customer negotiations as soon as possible and on putting in
place plans for a well-managed transition and working with stakeholders to provide the support
needed by our workforce through this change.”


Authorised by:
Chris Bougen
General Counsel and Company Secretary

For further information:
Laura Malcolm
Communications Advisor
communications@refiningnz.com
+64 (0)21 0236 3297


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The in-principle agreement is non-binding and subject to conditions including negotiation of a binding
Terminal Services Agreement and final approval by the independent directors of Refining NZ.