Half-billion dollar write-off as Marsden Point refinery winds down

The end of 60 years of oil refining in NZ at Marsden Point is drawing nearer. (Image: Getty)

Wed, 23 Feb 2022

Refining NZ chalked up a loss of more than half a billion dollars in its last full year operating the country’s only oil refinery at Marsden Point.Its result for the year ending Dec 31 was a net loss after tax of $552.6m, including a non-cash impairment of refining assets and restructuring provisions.This compares to a net loss after tax of $198.3m in the previous year as covid hit revenue and fuel demand, particularly in the aviation sector. This combined with it being unable to compete with much more efficient refineries in Asia led to...

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