Refinery braces for $220m impairment

Tue, 04 Aug 2020

The scale of covid-19 impacts and reduced refining margins on New Zealand's only oil refinery are becoming clearer, with Refining NZ announcing an anticipated $158 million post-tax impairment charge to be taken in its first-half earnings, to be announced on Aug. 17. The company is already in the midst of a strategic review of its operations that is expected to close refining activity and see the Marsden Point facility become a refined fuels import terminal in the future. Its shares had lost two-thirds of their value over the last year but...

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