Z Energy to get $9.5M repayment from Customs over co-mingled fuels dispute

Z Energy said its final settlement with the New Zealand Customs Service over the treatment of co-mingled fuels at Wiri Oil Services and other terminals came in at $18.5 million, meaning the service station chain will get back $9.5 million of the amount it paid last year to settle the dispute.

Last September Z said it made a $23 million payment to Customs related to the WOSL fuel terminal and a further $5 million to cover assessed liabilities from other Z terminals. The company will recognise $13.5 million of the cost in its 2016 financial, having accrued $5 million in the 2015 year, it said.

(BusinessDesk)

BusinessDesk.co.nz

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