New Zealand secures extra diesel to boost fuel reserves
New Zealand has secured an additional 90 million liters of diesel, equivalent to around nine days of national demand, amid ongoing global fuel market uncertainty.
The move is part of efforts to “boost New Zealand’s fuel reserves and help shield the country from the global oil shock,” according to a government statement released on Tuesday, News.Az reports, citing Xinhua.
The fuel will be procured under an agreement with retailer Z Energy, following a competitive procurement process.
It will be imported and stored at Marsden Point in Northland, Finance Minister Nicola Willis said.
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She noted that the initiative “strengthens both our fuel and economic buffers and reduces the potential impacts of international supply disruptions from the ongoing conflict in the Middle East.”
Associate Energy Minister Shane Jones added that the reserve will be held outside existing minimum stockholding requirements for fuel companies, while the government will retain control over its release into the domestic market.
In March, the government adopted a strategy aimed at strengthening fuel supply resilience, including inviting commercial proposals from fuel importers.
“We have prioritized securing additional diesel because it is the fuel that drives the economy,” Willis said.
By Nijat Babayev
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