Channel Infrastructure (ASX:CHI), operator of New Zealand's largest fuel import terminal, is valued as hard infrastructure. In April 2026, Spheria said it had bought into Channel Infrastructure as hard infrastructure, noting it was formerly New Zealand's oil refining business. In March 2026, Firetrail described Channel as owning and operating New Zealand's largest fuel import terminal at Marsden Point and noted it has outperformed the market. Channel Infrastructure operates in the Energy sector within the Oil, Gas and Consumable Fuels industry, and Thesis Tracker has captured 2 comments from 2 fund managers, Spheria and Firetrail. Channel Infrastructure NZ, formerly Refining NZ, converted the Marsden Point refinery into an import terminal in 2022, providing fuel storage, handling and distribution through its pipeline to Auckland, earning long-term, inflation-linked contracted revenue from fuel companies such as Z Energy, BP and Mobil, giving it defensive, infrastructure-like earnings and strategic importance to New Zealand's fuel security.