Transpacific gains approval for oil recycling plant

The company's energy division is benefiting from soaring oil prices, which is stoking returns from recycled oil. TPI is also planning to build plants in Queensland and Western Australia, each capable of processing 40 million litres of used oil a year, it said in a statement today.

Market demand at its existing processing site at Rutherford in New South Wales "continues to exceed production," it said.

Shares of Transpacific trade infrequently on the NZX. The stock rose 3.3% to A$6.56 in Australia. The company last year acquired Waste Management NZ to become New Zealand's largest waste handling company.

By Jonathan Underhill

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