- Release Date: 14/12/12 18:26
- Summary: GENERAL: NZR: Independent Review of Processing Fee Arrangements
- Price Sensitive: No
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NZR 14/12/2012 16:26 GENERAL REL: 1626 HRS The New Zealand Refining Company Limited GENERAL: NZR: Independent Review of Processing Fee Arrangements Refining NZ has today published the findings of an independent review of its processing arrangements with its oil company customers. The Company's processing arrangements are reviewed annually by the Independent Directors and Refining NZ management to ensure the arrangements remain fit for purpose and are fair to all shareholders. In 2011 the Independent Directors recommended that the Company initiate an independent review of the arrangements in 2012. The review by independent oil industry experts, Purvin & Gertz was carried out in November and their report to the Refining NZ Independent Directors, concludes that: "Over the 15 year period from 1997 to 2011 the current processing fee arrangement between Refining NZ and the customers is considered to be generally reasonable to all parties, relative to the risks borne by Refining NZ and the customers." The current processing arrangements came into play in 1995 and are based on sharing the refining margin according to the risk and costs associated with buying and refining crude oil and distributing the finished products to terminals around the country. They are intended to provide Refining NZ sufficient funds for investment in the business while giving customers sufficient incentive to utilise the refinery's operations. This review is the second independent review of the Company's current processing arrangements in the last three years. A summary of the Purvin & Gertz review is available to shareholders through the NZX and Refining NZ's website at www.refiningnz.com. D.M. Jensen Chief Financial Officer / Company Secretary Marsden Point 14 December 2012 End CA:00231157 For:NZR Type:GENERAL Time:2012-12-14 16:26:10
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