Refining NZ ponders new models, break-up in strategic review

Wed, 15 Apr 2020

Refining NZ is considering breaking up its operations or moving to a fuel import model as part of a strategic review to ensure the long-term viability of the business.The firm, which operates the Marsden Point oil refinery, said significant new capacity coming online in Asia had put downward pressure on regional refining margins and prevented the firm making an acceptable return on new plant it has built to stay competitive.Significant increases in power costs have compounded the low margins to the point that the fee guarantee with the refinery...

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