Refining New Zealand shareholders voted in favour of a $365 million upgrade of its Marsden Point refinery at the company's annual meeting today.
In February, a majority of the company's directors resolved to support an investment of $365m in a Continuous Catalyst Regeneration Platformer (CCR) but he vote was not unanimous.
Refining NZ, formerly The New Zealand Refining Co, is 23.6 percent owned by BP, 19.2 percent by Mobil, 14 percent by Z Energy and 12.7 percent by Chevron.
Garlow Management, a Canadian investment trust, owns 8.12 percent and individual shareholders own about 17 percent of the stock.
The size of the project meant the company needed a simple majority at today's annual meeting to approve the expenditure necessary for its construction.
The result was 64.5 percent in favour of the project with 35.5 percent against.
Refining NZ ran a national roadshow last week to garner shareholder support for the upgrade, which comes at a time when many refineries in the developed world are struggling.
The upgrade will enable Refining NZ to expand its petrol refining capacity to meet 65 percent of local needs from the current 55 per cent.
The CCR project is expected to be finished by 2016.
