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- Release Date: 05/03/14 12:37
- Summary: GENERAL: NZR: New crude arrangement to benefit refinery efficiency
- Price Sensitive: No
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NZR
05/03/2014 10:37
GENERAL
REL: 1037 HRS The New Zealand Refining Company Limited
GENERAL: NZR: New crude arrangement to benefit refinery efficiency
Refining NZ has today announced that it has entered into a new working
arrangement governing the selection of crude to be processed at the Company's
Marsden Point facility for two of its major customers.
With immediate effect, the Company will be involved in the selection of crude
to be processed for Z Energy and BP in return for a procurement cost
reduction for selected fuel products produced for these customers as part of
the existing Processing Agreement.
Commenting, Refining NZ Chief Executive, Sjoerd Post said the new arrangement
highlights the commercial benefits from running the refinery more efficiently
with an optimal crude 'diet' and the change in customer expectations with the
increasing availability of competitively priced products from Asia Pacific
refiners.
"From the conversations we had with our customers over the last 12 months, we
concluded that Refining NZ serves two distinct customer segments. The first
values independent access to our refinery for their crude processing as part
of their overall regional supply chain optimisation and is well served by the
existing customer value proposition. An 'emergent' customer segment,
un-encumbered by regional supply chain considerations, sees value in Refining
NZ taking part in the crude selection process."
"On that basis we decided to create a new customer value proposition that
fits with the requirements of the existing Processing Agreements", he said.
ENDS
Notes for editors:
o As a toll refiner, Refining NZ has historically had no role in the
selection of crudes as this was done entirely by the major oil companies.
o This collaborative arrangement ensures Refining NZ receives crudes
that will help the refinery run more efficiently while generating the maximum
margin available from processing.
For further information contact:
Greg McNeill
Communications & External Affairs Manager
Refining NZ
P: (09) 4328311; M: 021 873623; E: [email protected]
www.refiningnz.com
End CA:00247837 For:NZR Type:GENERAL Time:2014-03-05 10:37:36
