Refining NZ achieved a high Gross Refinery Margin (GRM) of USD 9.20 per
barrel for the November/December period. With high throughput of 7.5 million
barrels, Refining NZ captured Processing Fee income of NZD 67.6 million for
the period.
Both the Singapore Dubai complex margin and Refining NZ''s uplift over that
margin tracked above their respective historical ranges for the
November/December period. The Singapore Dubai complex margin for the period
was USD 4.19 per barrel, USD 1.01 per barrel or 32% up on the previous
period.
Refining NZ''s uplift over the Singapore Dubai complex margin continued on
strongly from the September/October period with a healthy USD 5.06 per barrel
uplift for November/December, the highest for the year. This was driven by
sustained good operational performance.
The average exchange rate for the November/December period was USD/NZD 0.71.
Refining NZ achieved record annual throughput of 42.7 million barrels in 2016
and a historically high average GRM of USD 6.47 per barrel. This earned
Processing Fee income of NZD 276.6 million. The 2016 Fee income is the third
highest annual income earned by the company in the last ten years.
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
End CA:00295688 For:NZR Type:MONTHLY Time:2017-01-18 09:05:39