NZR
02/12/2015 09:58
GENERAL
PRICE SENSITIVE
REL: 0958 HRS The New Zealand Refining Company Limited
GENERAL: NZR: Refinery's Te Mahi Hou project goes live
Refining NZ is pleased to announce Te Mahi Hou is producing on specification
gasoline and gasoline production on the old platformer has been stopped. This
is a major milestone in the startup of Te Mahi Hou with a number of other
milestones to be completed in the coming weeks.
The $365m Te Mahi Hou project was handed over for startup to the operations
team on the 25th of November. This puts the project around three weeks
ahead of the original completion date of late December 2015.
In the current volatile crude and gasoline price environment, Te Mahi Hou is
expected to lift the Gross Refinery Margin (GRM) by approximately USD
0.85-0.90 per barrel and increase operating cash flows by around $50-$55
million. Te Mahi Hou will increase the production of petrol by Refining NZ by
around two million barrels per annum, lifting the Company's share of the New
Zealand petrol market from around 55% to 65% percent. Improved energy
efficiency as a result of Te Mahi Hou will see the refinery's CO2 emissions
reduce by around 120,000 tonnes per annum.
ENDS
For further information:
Greg McNeill, Communications and External Affairs Manager
T: 094325115; M: 021 873623; E: [email protected]
End CA:00274487 For:NZR Type:GENERAL Time:2015-12-02 09:58:34
