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PEPANZ Welcomes Todd/Methanex Investment
18 January 2012
Media Statement for
Immediate Release
PEPANZ Welcomes Todd/Methanex
Investment
Today’s significant business announcement
by the Todd Corporation, regarding their 10 year gas supply
agreement with Methanex New Zealand, highlights the
importance of oil and gas development for New Zealanders and
the benefits to our country.
PEPANZ CEO David
Robinson said, “In any language, $860 million of cash
injected into the local economy will make a real
difference.” This is real money, creating genuine long
term jobs, and generating export earnings on a significant
scale.”
Todd Corporation and Methanex’s efforts
to re-establish the mothballed methanol train, which takes
an idle facility and brings it back into production, is the
type of initiative New Zealand needs to maintain current
standards of living, reduce government borrowing and pay off
debt. “Good news like this doesn’t come every day”
said Mr Robinson, “I commend the Todd Corporation and
Methanex for their commitment to New Zealand. The decision
to invest considerable funds such as these takes courage,
particularly when a return on those funds is not
guaranteed.”
As members of PEPANZ, Todd is committed
to operating their facilities safely and to the highest
ethical standards. “Todd has an excellent track record
for their safety and environmental performance and I have no
doubt this will continue with their expanded operations.”
Mr Robinson added.
Oil and gas is the fourth largest
export earner for New Zealand. Continuing development of
oil and gas exploration and production in New Zealand will
deliver further economic benefits to New Zealanders. This
investment alone will increase both royalty and tax revenue
to the people of New Zealand. The pending review of the
Crown Minerals Act provides an opportunity to ensure that
the industry in New Zealand is effectively governed to
encourage investors, like Todd, to choose to invest their
money in New Zealand rather than in other
countries.
ENDS
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