NZ Refining reports negative margins for first time in 5 years

Mon, 16 Jul 2018

By Gavin Evans July 17 (BusinessDesk) - New Zealand Refining has reported negative margins for the first time in five years after a major maintenance shut had to be extended last month. The company, operator of the country’s sole oil refinery at Marsden Point, reported gross margins for May and June of negative 71 US cents a barrel. That is in contrast to the US$6.82 a barrel achieved for March and April, and the US$7.63 reported for May and June last year. Earnings at Marsden Point have grown strongly in recent years amid record throu...

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