BP granted a time extension

Press, 25 September 1980, Page 20

BP granted a time extension

PA New Plymouth BP (New Zealand), Ltd, has been granted another year to consider its option on 120 ha of Omata farmland, near New Plymouth.

The option was due to expire at the end of this month, but the property owner, the New Plymouthbased agricultural chem- • ical manufacturer, Ivon Watkins-Dow, Ltd, has agreed to extend it until October 31 next year. I.W.D.’s decision, made at its recent board meeting in Hong Kong, stems from a request by BP for more time to decide whether to exercise the option. In a brief statement, I.W.D. said, “As a result of a request by BP New Zealand, Ivon WatkinsDow has agreed to extend the option on the Beach Road property until October 31, 1981.” BP took the option last year and competed with Petrocorp for Government approval to establish New Zealand’s first stand-alone methanol plant. Petrocorp won that battle and has made considerable progress, including the right. to pro-

ceed under the National Development Act, towards establishing its proposed 1200-tonne-a-day methanol plant in the Waitara Valley.

BP has retained its option on the Omata land, but has been quiet on possible alternative uses.

However, the property has been named among three coastal Taranaki sites short-listed as possible locations for the proposed giant Mobil gas-to-gasoline plant. There is also speculation the land could be used for an ethylene plant. It is believed some foundation tests have already been made.

A BP spokesman said in Wellington that the company was pleased its request for more time had been agreed to by I.W.D. “There are a number of development options to look at, but we could not finalise anything in the time originally available to us. The extension will give BP more flexibility and time .to look at how this land can best be used.” He declined to disclose details on the development options being considered.