Update on Customer Negotiations

refiningnz.com



NZX RELEASE

1 November 2021

Update on customer negotiations
As previously advised, Refining NZ has been focused on concluding the negotiation of Terminal
Services Agreements (TSAs) after signing term sheets with all customers earlier this year and having
obtained shareholder and lender approvals for the conversion of operations at Marsden Point to an
import terminal.
Finalising the TSAs is the key remaining step ahead of the Refining NZ Board’s final investment
decision. Significant progress has been made with customers on these complex fully-termed
agreements, and all parties remain committed to finalising the TSAs as soon as possible.
Preparations for a conversion in H1 2022 remain on track.
CEO Naomi James said:
“All parties are working hard to conclude these agreements as soon as possible. The team at
Marsden Point is doing an exceptional job at keeping the refinery running under the current COVID-
impacted situation and with ongoing uncertainty about their future. We all remain focused on
ensuring the continued safe operation of the refinery, and on executing our plans for a well-
managed transition.”

ENDS
Authorised by:
Chris Bougen
General Counsel and Company Secretary

Media contact
Laura Malcolm
communications@refiningnz.com
+64 21 02363 29