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NZ Refining profit may rise 12% on fatter processing margin

Friday 31st October 2008

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New Zealand Refining, the nation's only oil refinery, said profit may rise as much as 12% this year after its processing margin widened.

Net income may rise to between $115 million and $125 million in the year ended December 31, up from about $112 million last year, the company said in a statement.

The actual figure is dependent on the level of the New Zealand dollar against the US dollar and the volume of oil processed through the remainder of the year, it said.

About 73% of New Zealand Refining is owned by BP New Zealand, Mobil Oil NZ, Shell New Zealand and Chevron New Zealand. Shares of the company rose 0.8% to $6 today and have fallen 26% this year.

In August New Zealand Refining reported interim net profit of $54 million, down 10% from $59.8 million in the previous comparable period.

By Jonathan Underhill

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