Wednesday 18th January 2017
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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.
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