Maui goods exported to Japan

By Mark Reynolds

Fletcher Challenge Energy has begun exporting produce from a new treatment facility for fuel extracted from the Maui oil and gas field off the coast of Taranaki.

The $18 million plant splits liquids from the field into a chemical called naphtha and an enhanced form of Maui condensate. The new facility adds about 5 to 10 per cent to the value of the raw material from the field.

A first shipment of 30,000 tonnes of naphtha from the plant was sold to Marubeni Corp early this month and is now en route for Japan to be used in chemicals and plastics production. Shipments will leave every six to seven weeks.

The move to make the most of Maui's production comes as oil prices near their highest levels in nearly 16 months. The higher prices have been a main reason for a run-up in the Fletcher Energy share price over the past two months.

Fletcher shares closed up 6 cents at $4.98 yesterday.