Wednesday 18th January 2017
|Text too small?|
New Zealand Refining, which operates the country's only oil refinery, said Wednesday its annual throughput hit record levels in 2016 and its fee income for the year was the third largest earned by the company in the past 10 years.
The Whangarei-based company said its gross refinery margin over 2016 was a historically high average of US$6.47 per barrel, with annual throughput of 42.7 million barrels. Processing fee income was NZ$276.6 million. The gross refinery margin is the difference between the value of products and the cost of feedstock for each refining customer.
Its gross refinery margin was US$9.20 for the November-December period. With high throughput of 7.5 million barrels, the processing fee income was NZ$67.6 million for the period, the company said.
NZ Refining has continued to benefit from cheap oil, although it posted an 82 percent slump in profit for the six months ended June 30 and trimmed its interim dividend as a build-up in global oil stocks weighed on the Marsden Point refinery operator's margins.
The stock rose 5.6 percent to $2.85 and has declined 21 percent in the past 12 months.
No comments yet
MARKET CLOSE: NZ shares mixed ahead of Anzac Day holiday; A2, Synlait fall further, Fisher & Paykel bounces
USX: Introducing Pharmazen Limited
NZ dollar falls to 3 1/2 month low as rising US interest rates bring trading back to fundamentals
Gold Report 23rd April 2018
Gold Report 16th April 2018
Gold Report 9th April 2018
Gold Report 3rd April 2018
Gold Report 26th March 2018
Gold Report 19th March 2018
Gold Report 12th March 2018