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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news