Power cut, tanker rates push Refining NZ margins to 5-yr low

Power cut, tanker rates push Refining NZ margins to 5-yr low
Gavin Evans
Margins at the Marsden Point refinery fell to a five-year low in 2019, compounded by a power cut in November and high tanker costs late in the year.The country’s sole oil refinery processed a record 42.69 million barrels of crude, up 5.5 percent from the year before, but its average margin on every barrel processed fell to US$5.34 from US$6.31 the year before.That was the lowest annual figure since 2014 and saw the firm’s processing fee revenue fall 6.5 percent to $242 million, also a five-year low.Much of the damage was done in the November/De...

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