Latest / Early Edition with Ryan Bridge / Simon Parham: Waitomo Group CEO on the fuel regulations that could be relaxed to help mitigate the fuel crisis

Transcript

Simon Parham: Waitomo Group CEO on the fuel regulations that could be relaxed to help mitigate the fuel crisis · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: So the government another press conference yesterday on the wheel situation.
• 0:04
  Speaker 2: What we are working with fuel and por design is
• 0:06
  Speaker 2: to say, if you weren't able to source refined products
• 0:09
  Speaker 2: from your usual sources, how many more options would be
• 0:13
  Speaker 2: on the table if we relax some specifications. And which
• 0:15
  Speaker 2: specifications would you like to relax?
• 0:18
  Speaker 1: Let's ask why it's on more? Boss Simon Parms with
• 0:21
  Speaker 1: US Live this morning. Simon, good morning, Good morning Ryan.
• 0:24
  Speaker 1: What specifications would you like relaxed?
• 0:27
  Speaker 3: Well, if there's any, probably the easiest is the solfur
• 0:30
  Speaker 3: content sort of part per million. I think overall by
• 0:34
  Speaker 3: relaxing the standards it broadens the market for purchases and
• 0:38
  Speaker 3: differ markets. So you know, as an example, at the
• 0:40
  Speaker 3: moment we're at ten parts per million for sulfur. The
• 0:44
  Speaker 3: US for their ultra low diesel is at fifteen parts
• 0:46
  Speaker 3: per million, so and Australia's just relaxed for sixty days
• 0:50
  Speaker 3: to fifty parts per million. So it's about broad in
• 0:53
  Speaker 3: the market to allow purchases to be made from different
• 0:56
  Speaker 3: refineries across the region.
• 0:58
  Speaker 1: Is it dortier? Is it worse for you car? What's
• 1:00
  Speaker 1: the problem?
• 1:02
  Speaker 3: Well, remember that probably petrol was that fifty parts ten
• 1:05
  Speaker 3: million back in twenty eighteen, and Diedel change from fifty
• 1:09
  Speaker 3: to to ten parts two million back in two thousand
• 1:11
  Speaker 3: and nine. So it's not a sort of material change,
• 1:15
  Speaker 3: you know. It's not like the good old days in
• 1:16
  Speaker 3: the nineties when we were burning leaded and it's like
• 1:19
  Speaker 3: over three thousand parts one million. You know, this is
• 1:21
  Speaker 3: still clean product. But I think more than anything, it
• 1:25
  Speaker 3: just helps us through, helps us with supply in the
• 1:27
  Speaker 3: near term.
• 1:28
  Speaker 1: Does it help with price, Not.
• 1:31
  Speaker 3: Really When you look at the crack spreads, it's only
• 1:33
  Speaker 3: one or two dollars a barrel difference. But I think
• 1:35
  Speaker 3: at the moment, it's really about ensuring that we've got
• 1:38
  Speaker 3: enough supply in the short and long term.
• 1:41
  Speaker 1: Do you think we will? Are you confident? You know,
• 1:43
  Speaker 1: listening to what the government's saying, hearing about all the meetings,
• 1:46
  Speaker 1: are you confident we will have enough supply? Or is
• 1:49
  Speaker 1: it just too agreed to say?
• 1:51
  Speaker 3: Well, I'm just looking at the numbers that are coming
• 1:53
  Speaker 3: out that are getting published. Right, the last supply updates
• 1:56
  Speaker 3: showed that we had forty nine days. I thought that
• 1:58
  Speaker 3: was a good news story, you know, went from fifty
• 2:01
  Speaker 3: two to forty nine, and that's not a material change,
• 2:03
  Speaker 3: and it was probably down because of the demand that
• 2:07
  Speaker 3: was pulled forward over the last couple of weeks of
• 2:09
  Speaker 3: the conflict as people filled up their tanks and you know,
• 2:13
  Speaker 3: brought a lot more products. So there's probably two days
• 2:15
  Speaker 3: in that itself. So I think at this stage we
• 2:17
  Speaker 3: look like we're in good shape. There's still being no
• 2:20
  Speaker 3: sign of cargo's being canceled or ship's being turned around,
• 2:22
  Speaker 3: which won't happen. So I think the government's doing the
• 2:26
  Speaker 3: right thing, and especially on the diplomatic front. I think
• 2:28
  Speaker 3: Singapore Career, you know, all those bat channels, that's where
• 2:31
  Speaker 3: that's where the dark arts really need to happen.
• 2:34
  Speaker 1: Simon, appreciate your time this morning. Simon Parham White, Tormal
• 2:36
  Speaker 1: Group CEO.
• 2:38
  Speaker 3: For more from Early Edition with Ryan Bridge, listen live
• 2:41
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• 2:44
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