NZ shares up as Refining NZ shareholders vote to end refining

Z Energy shares rose on the news NZ Refining would cease refining. (Image: Getty)

Fri, 06 Aug 2021

Z Energy shares climbed more than 5% as New Zealand Refining Company shareholders voted in favour of ending oil refining.The S&P/NZX 50 Index rose 15.67 points, or 0.1%, to 12,770. Turnover was $177.4 million.Shareholders in the country’s only refinery voted Friday to convert the crude oil processing plant into an import terminal for refined fuel.The decision followed a collapse in profitability as demand for all types of fuel crashed during the pandemic.Refining NZ’s customer shareholders have paid about $118 million to subsidi...

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