Wednesday , July 26 2017
Informed Influential Indispensable | newzealandinc.com
shutterstock_277561493

NZ Refining ekes out extra margin from recent upgrades

By Paul McBeth

Oct. 22 (BusinessDesk) – New Zealand Refining, operator of the country’s only oil refinery, added an extra US cent to its margins from recent upgrades, and anticipates further gains from a bigger project to be completed next month.

The Whangarei-based company has lifted margins 13 US cents per barrel from a series of initiatives aimed at lifting productivity, ahead of the 12 US cents per barrel improvement flagged in August, it said in a statement. The refinery anticipates the margin will be widened by a further 90 US cents to US$1.10 per barrel once the Te Mahi Hou upgrade to replace an ageing petrol manufacturing unit is completed next month.

NZ Refining returned to profit in the first half of this year as a weaker kiwi dollar and a sharp drop in oil prices helped widen the company’s refining margin.

The shares increased 0.3 percent to $3.43, and have climbed 54 percent this year, outpacing the 1.8 percent gain on the NZX All Index over the same period.

(BusinessDesk

About Business Desk

Check Also

shutterstock_114106825

Crown Fibre’s mandate will extend to rural broadband, mobile black spots

By Paul McBeth Oct. 22 (BusinessDesk) – Crown Fibre Holdings, the government entity tasked with …

shutterstock_114651550

‘Unscrupulous’ foreign firms exploiting finance services register, action needed, says industry

By Paul McBeth Oct. 23 (BusinessDesk) – New Zealand’s reputation as a responsible member of …