Market Chatter: New Zealand Considering Singapore, Malaysia as Fuel Storage Options Amid Middle East Conflict

MT Newswires05-06

New Zealand is considering storing its fuel in Singapore and Malaysia amid the impact of the Iran war, according to a report by Bloomberg on Wednesday.

The country's resource minister, Shane Jones, revealed that New Zealand does not have surplus storage capacity and is currently exploring alternatives, with Malaysia and Singapore cited as two countries to cater to the country's storing needs, the report said.

New Zealand's storage capacity was severely impacted following the closure of a solitary refinery in Auckland in 2022, the report noted.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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