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Biofuels company ditches NZ
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by Criticom | August 1, 2008 at 03:06 pm
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Leading United Kingdom biofuel producer Argent Energy is shelving plans to invest more than $100 million in New Zealand.
Dickon Posnett, managing director of Argent Energy's NZ subsidiary, says New Zealand's proposed legislation in the Biofuels Bill makes the playing field too uneven.
"Ethanol gets a government-backed subsidy, through relief from excise duty, that amounts to 42c a litre," he says.
"Oil companies are being incentivised to import ethanol. That makes it utterly uneconomic to invest in the domestic biodiesel plant we were proposing to build."
Posnett says New Zealand policy development is being watched closely by investors internationally.
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at 20:13 on February 7th, 2009
Only in NZ
The oil companies have got a complete strangle hold ovwer us because our govt has no bals to resist them.
At least Australia was able to prove collusion between them a few years back. If one of our politicians speak againt them, they never do it again. Lips zipped.
Oil companies are above all law and Labour laws. When other businesses have to close for public holidays the Petrol bowsers are open straight through. No q's are asked.
Oil execs are simply above all govts, borders and nations. They have almost a one world economy to glean wealth from and all currencies are theirs.
They will also exasperate the world downturn and worsen inflation.
After the stock market, the oil companies need to be reeled in as the rogue mobs they are.