Channel turns around years of losses

The Marsden Point oil refinery closure is controversial but has paid dividends for Channel. (Image: Channel Infrastructure)

Ian Llewellyn

Fri, 24 Feb 2023

Channel Infrastructure has returned to profit and dividends after the closure of the Marsden Point oil refinery and its move to only importing refined fuel.The company, formerly trading as Refining New Zealand, turned around three years of losses, and returned to dividends ahead of schedule.Recent years were dominated by losses due to falling refinery margins, which meant the company was being subsidised by its shareholder/petrol retailers, and a collapse in demand due to covid disruptions.The controversial decision to close the refinery and th...

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