- Release Date: 08/04/13 13:24
- Summary: MONTHLY: NZR: Throughput and Margin Report -January to February 2013
- Price Sensitive: No
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NZR 08/04/2013 11:24 MONTHLY REL: 1124 HRS The New Zealand Refining Company Limited MONTHLY: NZR: Throughput and Margin Report -January to February 2013 The Processing Fee for the period January to February 2013 of NZD 24 million was generated from a throughput of 6.8 million barrels. The average Gross Refinery Margin (GRM) generated for the two month period was USD 4.20 per barrel with an average exchange rate of USD/NZD 0.84. During February, a planned maintenance and catalyst replacement "pit-stop" (short shutdown) of the hydrocracker and associated residue upgrading units was completed. This limited our ability to upgrade lower cost residue feedstock into high value products and consequently reduced the GRM uplift over the Singapore complex margin for the period. The planned "pit-stop" was completed on schedule, however, upon re-commissioning, a leak occurred in a steam system which resulted in the hydrocracker being shut down again to conduct the necessary repair work safely. This extended the outage on the residue upgrading units into the first week of March, which will have an impact on the GRM earned during the March/April 2013 period. Residue stocks built up during the period of the outage will be processed through the upgrading units in future months. During February and throughout March, refinery throughput was also negatively affected by late crude oil deliveries to the refinery, while some diesel imported by some oil companies did not meet specifications and had to be re-processed at the refinery. Management worked with the refinery customers to ensure ongoing product supply. The refinery is currently operating at near full capacity. (Appendix I details further information on throughput, margin and refining income.) Historic 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:00234971 For:NZR Type:MONTHLY Time:2013-04-08 11:24:20
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