Weaker dollar, high margins and plant availability deliver stonking result for NZ Refining

Tue, 23 Feb 2016

By Pattrick Smellie Feb. 24 (BusinessDesk) - Historically high refining margins, a weaker kiwi dollar and high plant reliability combined to give New Zealand Refining one of its best annual results on record. The operator of the country's only oil refinery produced a net profit of $151 million for the 12 months to Dec. 31, compared with $10 million in 2014, driven in part by a near doubling in the average gross refining margin at US$9.20 a barrel, prior to cap or floor adjustment, compared with US$4.96 per barrel the previous year. Hav...

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