Monday, 20 August 2018

Announcement

MKTUPDTE: NZR: Throughput and Margin Report November-December 2017

18 Jan 2018 08:36NZX
Refining NZ has finished the year strongly with full-year Processing Fee
income at NZD 328.9 million, a 19% increase over prior year (2016 NZD 276.6
million).

The Company achieved a Gross Refinery Margin (GRM) of USD 6.83 per barrel for
the November/December period and captured Processing Fee income of NZD 50.7
million.

Throughput for the November/December period was 7.3 million barrels and total
2017 throughput was 41.7 million barrels.

The Singapore Dubai complex margin for the November/December period was USD
3.67 per barrel, down from the USD 4.73 per barrel margin for the
September/October period. Refining NZ''s uplift over the Singapore Dubai
complex margin was USD 3.16 per barrel in November/December.

The average exchange rate for the November/December period was USD/NZD 0.69.

The refinery to Auckland pipeline is operating at greater throughput than it
was prior to the September leak. This is the result of the November
commissioning of a planned capacity expansion and the regulator''s approval of
a partial increase in the operating pressure following repair of the leak. An
additional capacity increase pending regulatory approval is expected in Q1/2
2018.

Appendix I shows further information on throughput, margin and refining
income.

Historical Analysis
A five year history of Throughput, Margins and Processing Fees is attached as
Appendix II and can also be found on the company''s website:
www.refiningnz.com

Notes:
1. The information provided in this announcement relates to refining
operations only.  Revenue from pipeline or other activities is not included.
2. The Processing Fee results reported in this announcement are subject
to change due to post announcement price updates and independent audit.
3. Refining NZ''s Gross Refining Margin is defined as the typical market
value of the products produced minus the typical market value of the
feedstock used, expressed per barrel of feedstock used.  The margin
incorporates the cost of the hydrocarbon used for fuel and incurred as
process losses.
End CA:00313151 For:NZR    Type:MKTUPDTE   Time:2018-01-18 08:36:18
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