Refining NZ reports that it finished 2015 with a new record processing fee for the year of NZD $378.7 million.
This figure was earned on a throughput of 42.6 million barrels, another new record and 4.5% ahead of the companies original guidance of 40.8 million barrels.
The Gross Refinery Margin (GRM) for the November/December period – before cap adjustments – was USD $10.82 per barrel, resulting in a processing fee income of NZD $72.6 million.
The Cap adjustment for the time was NZD $7.2 million and for the full year ended at NZD $14.4 million.
The Singapore complex margin for the period strengthened to an average of USD $6.37 per barrel.
Refining NZ’s margin uplift over the Singapore complex margin was USD $4.45 per barrel, by achieving the throughput of 7.0 million barrels for the period.
The Te Mahi Hou project was started up during the last week in November and is operating in line with expectations.
The average exchange rate for the period was USD/NZD $0.67.
