Marsden Point upgrade

New Zealand Refining has approved a $180 million upgrade at its Marsden Point refinery in Northland to increase output.

The planned upgrade will increase the refinery's ability to process crude oil by 20 per cent.

Output would rise by between 10 per cent and 12 per cent once the upgrade was complete in 2009. The company - 73 per cent owned by BP, Mobil, Caltex and Shell - will replace imported residue from other refineries with crude oil.

NZ Refining shares closed up 6c at $6.60, having traded between $6.00 and $8.15 in the past 12 months.

- AGENCIES