Mobil gets contract
PA' Wellington An agreement for the Mobil Corporation to build a synthetic-petrol plant in 'New Zealand using Maui gas would be signed in Wellington on April 1, said the Minister of Enera gy (Mr Birch) yesterday. Mobil’s formal acceptance of a memorandum of understanding had cleared
the way for the signing, of the agreement, which would ’ be a significant step towards self-sufficien-cy in fuels in New Zealand. The memorandum provided for the establishment of a joint executive committee, with four appointments by Mobil and four by the Government. The committee would define the physical and tech-
nical parameters of the project. The memorandum also provided for Mobil to take up a 25 per cent share of the equity in the project, with provision for other oil companies and other investors .to take up shareholdings. The Government’s policy was that the majority of the shareholding would remain in New Zealand ownership.
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Press, 28 March 1980, Page 1
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153Mobil gets contract Press, 28 March 1980, Page 1
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