Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ Refining hydrocracker upgrade gains lag estimate

NZ Refining hydrocracker upgrade gains lag estimate

By Suze Metherell

June 17 (BusinessDesk) - New Zealand Refining, the Marsden Point oil refinery controlled by its major customers, says upgrades to its hydrocracker have boosted efficiency even as it misses its original forecast margin.

New Zealand's only oil refiner refitted its mild vacuum column as part of an efficiency drive to bolster margins and increase diesel production. It had forecast the refit, which boosts separation efficiency, would result in a 13 US cents per barrel margin, but said the "current weak margin environment" meant the step-up was closer to 11 US cents.

"This is just one component stream in our processing, it is an important first contribution to the series of initiatives aimed at lifting the performance on the hydrocracker which taken together, are expected to add 66 US cents per barrel to Refining NZ's gross refining margin," chief executive Sjoerd Post said in a statement.

The company, which is majority-owned by BP New Zealand, Mobil Oil NZ, Z Energy and Chevron New Zealand, said it is working closely with customers on supply planning and monitoring stock levels during the shutdown as they manage fuel stocks via a combination of products from Marsden Point and scheduled imports. NZ Refining supplies about 80 percent of New Zealand’s refined fuels.

The shares rose 1.8 percent to $1.72 and have declined 18 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news