Response to the Geopolitical events in Ukraine
February 25, 2022
Z expresses its concern for those currently impacted by the events happening in the Ukraine and wants to provide assurances there are currently no concerns to New Zealand’s fuel security or supply as a result of the geopolitical events.
New Zealand currently sources the majority of its crude oil from the Middle East. Sourcing from multiple locations allows for flexibility in the supply chain, so that we can pivot as required.
We have bought Russian crudes in the past and while at times this has accounted for up to 10-20% of our crude imports, we haven’t purchased this grade for over 6 months. We can confirm our last two cargoes before we exit refining are already on their way to New Zealand and do not comprise any Russian crudes.
The situation in Ukraine reinforces our position that moving to an import-only model will allow New Zealand to source refined product from larger and more efficient overseas refineries, while ensuring flexibility and reliability of supply for our customers.
As Z is not part of a multinational oil major it has different options for finished product supply. We are currently working with our new suppliers to understand how they source their supply.