Friday, 29 March 2024

Announcement

MKTUPDTE: NZR: RNZ Throughput and Margin Report for May-June 2017

18 Jul 2017 10:10NZX
Refining NZ achieved a Gross Refinery Margin (GRM) of USD 7.63 per barrel for
the May/June operating period and captured Processing Fee income of NZD 58.4
million, compared with NZD 43.3 million for the corresponding period last
year.

Refining NZ''s GRM has averaged USD 7.70 per barrel for the first half of 2017
generating Processing Fee income of NZD 152.5 million, NZD 37 million or 32%
higher than the equivalent 2016 period.

Throughput for the May/June operating period was 7.8 million barrels, the
highest on record due to 100% availability of all major process units and
high customer utilisation. Continued high Auckland demand led to the highest
on record quarterly jet fuel production in the second quarter.

Refinery to Auckland Pipeline throughput in the half-year to end June is the
highest half-year on record. This demonstrates the timeliness of Refining
NZ''s investment decision to upgrade the pipeline''s capacity, the first stage
of which is currently being commissioned with the second stage expected later
this year.

The Singapore Dubai complex margin for the May/June period was USD 2.90 per
barrel and Refining NZ''s uplift over the Singapore Dubai complex margin was
strong at USD 4.73 per barrel.

The average exchange rate for the May/June period was USD/NZD 0.71.

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:00304191 For:NZR    Type:MKTUPDTE   Time:2017-07-18 10:10:52
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