Friday 22nd January 2021
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Refining NZ’s excellent health and safety performance continued with no Tier I or Tier II process safety events, and no recordable cases in 2020. Refining NZ acted promptly to address causes of two minor releases outside consent during the period.
New Zealand gasoline and diesel demand was at normal seasonal levels for the November/December period, while jet fuel demand continued to be significantly impacted by COVID-19 travel restrictions. Refining NZ continued to adopt strategies that minimised jet fuel production while meeting gasoline and diesel requirements.
Refining throughput was 6.5 Mbbls, slightly less than the 6.8 Mbbls in the same period last year. RAP throughputs were c70% compared to the same period last year due to the depressed jet fuel demand at Auckland International Airport.
The Gross Refining Margin (GRM) remained below Fee Floor levels during November/December due to weak global refining margins which continue to be impacted by reduced demand due to COVID-19. The Singapore Dubai complex margin for the period was weak at US$ -1.54 per barrel reflecting a surplus of refining capacity globally and an operating environment of low utilisation and low margins.
Refining NZ’s November/December uplift over the Singapore Dubai complex margin was strong at US$ 4.78 per barrel due to the Middle Eastern crudes processed by the refinery trading at a discount to Dubai crude. GRM for the two months was US$ 3.24 per barrel. Processing Fee revenue for the two months was NZ$ 24.6 million, including NZ$ 3.6 million of Fee Floor payments by our customers.
The year end net debt position closed at $231 million, $10 million below 31 December 2019. This reflects the impact of resetting the 2020 cost base, the proceeds of asset sales and simplification restructuring costs.
Import terminal discussions are continuing with all customers. Refining NZ anticipates providing an update to the market regarding potential import terminal conversion prior to full year results.
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