Slump in refining margins to push debt levels at Marsden Point

Tue, 26 Nov 2013

Nov. 27 (BusinessDesk) – Refining margins at the country’s only refinery, at Marsden Point, have slumped to levels not seen since 2009, prompting Refining NZ to warn its borrowings will peak at up to $120 million more than originally expected to complete the major upgrade currently under way. The refiner’s margin slipped to average US$2.91 per barrel in September and October, according to new figures released to the NZX today, the lowest since November/December 2009, when refining margins reached their lowest point in recent years, at US$1.18...

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