New Zealand’s sole oil refiner Refining New Zealand (NZX: NZR) said processing fee income for the March-April period was a solid $NZ45.8 million.
This was underpinned by a gross refinery margin (GRM) of $US6.82 per barrel for the two months and healthy throughput of 7 million barrels. The average exchange rate for the March-April period was $US/$NZ0.73.
The company said the Singapore Dubai complex margin for March-April was $US3.75 per barrel, up from the $US3.37 per barrel margin for the January-February period.
Refining NZ’s uplift over the Singapore Dubai complex margin was $US3.07 per barrel in March-April, impacted by a three-day trip on the hydrocracking unit and the commencement of the planned refinery maintenance shutdown.
The planned maintenance shutdown was into its third week of eight with “good progress being made across all work fronts.”
Critical maintenance work on the second crude distiller unit and the hydrogen manufacturing unit was progressing to plan.
The total shutdown of all process and utility units has now begun and will see the entire refinery shut for around 10 days, the first time in 15 years that a total shutdown has been effected at Marsden Point.
“We are cooperating closely with our customers to ensure that reliable fuels supply to New Zealand is maintained,” Refining NZ said.