Channel Infrastructure NZ responds to jet fuel batch reports; shares rise

Channel Infrastructure NZ

08/12/2022 02:37

** Shares of New Zealand's Channel Infrastructure NZ
 CHI.NZ  rise as much as 2.1% to NZ$1.5, their highest since
Nov. 9
    ** Fuel infrastructure co acknowledges recent media
speculations regarding batch of jet fuel imported by one of its
customers into Marsden Point over the weekend
    ** Says product upon testing was found to be "off
specification"
    ** Co says that they immediately flagged the issue with fuel
companies and offloading of the product was stopped
    ** Reassures that they have been working closely with fuel
companies like British Petroleum, Exxon Mobil and Z Energy on a
product correction plan
    ** Stock has risen 55.3% this year, as of last close
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))