Nicola Willis visits Marsden Point fuel terminal amid energy crisis

Finance Minister Nicola Willis

On Sunday afternoon, Finance Minister Nicola Willis will visit the Marsden Point Energy Precinct in New Zealand. This location is a crucial fuel import terminal, which until recently had an oil refinery facility.

The visit coincides with growing concerns over an energy crisis, as global oil prices have risen sharply due to the US and Israel's military actions against Iran. In response, Iran has threatened ships passing through the Strait of Hormuz, a key route for fuel exports from the Middle East.

Currently, New Zealand relies on imported refined fuels since the refinery at Marsden Point was closed in 2022. Senior coalition politicians are in disagreement about whether the closure should have occurred.

Willis has acknowledged the tough economic situation, expressing empathy towards workers affected by rising costs. She is working with IRD and Treasury to develop targeted relief measures that could be implemented before the upcoming Budget.