Venture Taranaki Chief executive Stuart Trundle has welcomed the announcement by Todd Corporation Group of a 10-year gas supply agreement with Methanex New Zealand Ltd.

“This announcement is of major significance to both the economic outlook of both Taranaki and New Zealand.”

“It will give increased certainty and confidence to the many companies involved in Taranaki’s oil and gas supply chain over the next decade, which will have positive flow-on impacts across the broader community.”

“The announcement has the potential to increase the volume of exports through Port Taranaki, which will return a dividend to all regional ratepayers, but also link into investing in future generations.”

“The oil and gas industry has been a major contributor to Taranaki’s strong economic performance over many decades, and this announcement will ensure that Taranaki remains the sweet spot of the New Zealand economy and a great place to live, work and visit,” Stuatr says.

The Wealth Beneath Our Feet report, released by Venture Taranaki in December 2010, found that at a minimum, the oil and gas industry directly employs 3,730 full time equivalents and contributes $1.9 billion to the New Zealand economy.

Adding indirect and induced effects increases employment to 7,700 FTEs and GDP contribution of the industry to $2.5 billion, $2.0 billion of which is in the Taranaki region.