- Release Date: 25/02/14 15:36
- Summary: MONTHLY: NZR: Throughput and Margin Report November-December 2013
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NZR 25/02/2014 13:36 MONTHLY REL: 1336 HRS The New Zealand Refining Company Limited MONTHLY: NZR: Throughput and Margin Report November-December 2013 Refining NZ Throughput and Margin Report for November/December 2013 The Processing Fee earned for the period November to December 2013 was NZD 8.8 million, generated from a throughput of 5.7 million barrels. The average Gross Refinery Margin 1) (GRM) for the two month period was USD 1.82 per barrel and the average exchange rate was USD/NZD 0.82. Singapore complex margins continued to be negative throughout the two-month period, affecting refining margins across the industry. Our margin uplift over Singapore complex margins was also negatively affected by USD 1 to 2 per barrel due to high market premia for actual crude oil processed compared with crude oil marker prices used for Singapore margins (Dubai or Arab Light). Singapore margins have shown some recovery in January but remain low while market premia for crude oil remain above typical historical levels. The planned three-week turnaround, to regenerate the Platformer catalyst and to perform maintenance on a crude distiller and a desulphurisation unit, was successfully completed as planned during November. Appendix I shows further information on throughput, margin and refining income. Full Year - 2013 The Gross Refining Margin for the year was USD 4.58 per barrel and the exchange rate averaged USD/NZD 0.82. Throughput was 40.6 million barrels. 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:00247463 For:NZR Type:MONTHLY Time:2014-02-25 13:36:57
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