Shareholders of the country's only oil refinery, Marsden Point in Northland, have today voted on recommendations to shut it down.
The oil refinery has been operational since 1964, with its customers and big shareholders the oil companies BP, Exxon Mobil and Z Energy.
Refining NZ shareholders today voted in favour of changing the facility into an import-only terminal, with a transition target of mid-2022.
It currently employs around 300 people, with 240 jobs likely to go.
"This change will give our company a long-term future, and while this change will have little impact for most New Zealanders, it is a major milestone for our workforce and wider community," chief executive Naomi James said.
"We have been working hard to put in place the plans needed to support a smooth transition for our people and their families, our community, and the Northland region.”
The changes are expected to have a major impact on the local economy, with permanent staff as well as contractors being affected.