NZ Refining ekes out extra margin from recent upgrades
The company has lifted margins 13USc per barrel.
New Zealand Refining [NZX: NZR], operator of the country's only oil refinery, added an extra US cent to its margins from recent upgrades, and anticipates further gains from a bigger project to be completed next month.
The Whangarei-based company has lifted margins 13USc per barrel from a series of initiatives aimed at lifting productivity, ahead of the 12USc per barrel improvement flagged in August, it said in a statement. The refinery anticipates the margin will be widened by a further 90USc to $US1.10 per barrel once the Te Mahi Hou upgrade to replace an ageing petrol manufacturing unit is completed next month.
NZ Refining returned to profit in the first half of this year as a weaker kiwi dollar and a sharp drop in oil prices helped widen the company's refining margin.
The shares increased 0.3% to $3.43, and have climbed 54% this year, outpacing the 1.8% gain on the NZX All Index over the same period.
(BusinessDesk)
Paul McBeth
Thu, 22 Oct 2015
Thu, 22 Oct 2015
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NZ Refining ekes out extra margin from recent upgrades
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