NZ Refining saw its margins reduced by planned shutdown of its hydrocracker unit as well as operational issues that needed addressing in March and April.
In a May 17 announcement to the NZX, the company reported a net refinery margin of US$1.84 a barrel in March/April, with US$2.88/barrel sliced off by the closure, and a further US$1/barrel reduced by the repair work.
BusinessDesk reports that’s the smallest margin since March/April 2014 when the refinery’s hydrocracker unit last faced a shutdown, producing a margin of negative US$2.84/barrel.
“All units are now fully back in operation. Te Mahi Hou continued to operate well throughout the period,” says the company statement.
NZ Refining has benefited from cheap global oil and plans to dredge Whangarei harbour to allow heavier loads on tankers bringing crude oil to the refinery.
Figures show the refinery operator’s throughput was 7.47 million barrels in the two-month period, up from 6.83 million in January/February and 7.41 million a year earlier reports BusinessDesk.
