THINK BIG’S LEGACY

At a time of protest and concern over civil liberties, it is regrettable no voices are raised to decry the undoing of a national asset and concern for this country’s long-term interest. Since 1962, more than $2 billion of public money has been invested in the oil refinery at Marsden Pt (“Woman on a mission,” February 26), and for almost 60 years, it has generally been operating at a profit while coping with the vagaries of crude-oil prices.

Gifted to the oil companies by Roger Douglas and his 1988 Petroleum Sector Reform Act, the NZ Refining Company has now decided to close the refining operation in April and import all our fuel requirements, making Marsden Pt just a distribution centre.

This decision has been taken – admittedly after five lossmaking years – on the grounds of obtaining better use of the facility and a higher return for shareholders. As the oil companies are themselves the major shareholders in the company, this is understandable.

However, it is a dangerous and short-sighted policy that will make our fuel supplies completely vulnerable to shipping companies and their problems, strikes, wars, political crises and other unforeseen disruptions.

When the refinery closes in April, the company may well begin to sell off these public assets in the name of increased profit, suggesting as a bonus, the reduction of pollution. One of the assets that could be lost is the ability to produce hydrogen, which may yet become a major fuel of the future.

In past years, New Zealand refined about 70% of its fuel requirements and imported about 30%. Going from that position to total dependence on overseas supplies is surely a dangerous and short-sighted vision for the country. Allan Martin, OBE ( Warkworth)