NZ Refining FY earnings hold up, full strategic review to come

Wed, 27 Feb 2013

Feb 27 (BusinessDesk) - New Zealand refining, the nation’s only oil refinery, made a tax-paid profit of $32.6 million in the year to Dec. 31, down 5 percent on the previous year, with volatile refining margins improving towards the end of the year, but still averaging less than in 2011. In a statement to the NZX, Refining reported record output for the year of 33.6 million barrels of transport fuels and achieved an average refining gross margin of US$5.77 a barrel, compared with an average US$6.11 a year earlier. "We do not expect the uplift...

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