NZ Refining profit jumps 66%, declares $14.3M cost from pipeline rupture

Tue, 27 Feb 2018

By Pattrick Smellie Feb. 28 (BusinessDesk) - New Zealand Refining, operator of the country's only oil refinery, declared a 66 percent increase in net profit for the year to Dec. 31, despite repair costs and lost sales totalling $14.3 million from the failure of the pipeline between the plant at Marsden Point and Auckland in September. Net profit for the year was $78.5 million, from $47.2 million a year earlier. Driving the result were historically high average refining margins of US$8.02 per barrel of oil processed, lower than the rece...

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