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

 

Near-record throughput at Marsden Point

By Gavin Evans

Sept. 19 (BusinessDesk) - The Marsden Point oil refinery processed a near-record 7.62 million barrels of oil during the past two months.

Operator New Zealand Refining said its throughput for July and August was the second highest on record. It attributed the strong performance to good collaboration with customers and reliable plant operation following a major maintenance shut in the preceding two months. The site processed a record 7.76 million barrels in the May-June period last year.

Marsden Point is the country's sole oil refiner and produces about 70 percent of the petrol, diesel and jet fuel used here. It is 43 percent-owned by Z Energy, BP and Mobil, and charges those customers processing fees based on refining margins in Singapore.

The firm, which trades as Refining NZ, said its gross refining margin for July and August averaged US$6.86 a barrel, slightly ahead of that in March and April, but down from US$8.87 for the same period of 2017. Processing fees climbed to $54.3 million, from $45.8 million in March-April and $63.6 million a year earlier.

The refinery, which processed a record 42.67 million barrels of crude in 2016, has no further shutdowns planned this year or next. It is expecting to process about 41 million barrels this year and is aiming for a record 44 million barrels in 2019.

The shares last traded at $2.57 and have dipped 3 percent so far this year.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

21, 22, 23 December: Air NZ Workers Vote To Strike

Last week union members voted overwhelmingly in favour of industrial action in response to the company’s low offer and requests for cuts to sick leave and overtime. More>>

ALSO:

24/7: National Geohazards Monitoring Centre Opens

For the first time, New Zealand will have 24-7 “eyes on” monitoring of the four perils: earthquake, tsunami, landslides and volcanic activity. More>>

ALSO:

EU Wine Exports: Yealands Fined For "Unprecedented Offending"

Yealands Estate Wines has pleaded guilty to “unprecedented offending” under the Wine Act 2003 and has copped a $400,000 fine. More>>

ALSO:

Discussion Paper: Govt To Act On Unfair Commercial Practices

“I’ve heard about traders who have used aggressive tactics to sell products to vulnerable consumers, and businesses that were powerless to stop suppliers varying the terms of their contract, including price.” More>>

ALSO:

'Considering Options' On Tip Top Ownership: Fonterra Drops Forecast Milk Price

Fonterra Co-operative Group Limited today revised its 2018/19 forecast Farmgate Milk Price range from $6.25-$6.50 per kgMS to $6.00-$6.30 per kgMS and shared an update on its first quarter business performance. More>>

ALSO: