N.Z. Refining borrowing arranged
New Zealand . Refining Company, Ltd, has taken a major step towards implementing the planned Marsden Point refinery , expansion. An arrangement have been' made to raise up to SUSSOOM in long-term finance for the project. This arrangement is with two New Zealand Banks — The Bank of New Zealand, and The National Bank of New Zealand — and two overseas banks — Lloyds Bank International, of the United Kingdom, and the Morgan Guarantee Trust Company, of New York. For several years the two New Zealand banks, assisted by the two overseas banks, have been acting as the company’s financial advisors for this project. The development and design work has already started, but, due to its complexity, it will take some time to complete. Civil - engineering work and. construction of ancillary facilities could commence in the very near future, and the major site construction in late 1981.
“As is our practice, there will be maximum use of New Zealand based work content consistent with sound business management,” says the chairman (Mr P. W. Marriott).
N.Z. Refining borrowing arranged
Press, 19 February 1980, Page 20
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