NZR
07/12/2015 15:02
GENERAL
PRICE SENSITIVE
REL: 1502 HRS The New Zealand Refining Company Limited
GENERAL: NZR: Refinery's Te Mahi Hou project
On 2 December 2015, we announced that Te Mahi Hou had commenced producing on
specification gasoline and that production on the old platforner had stopped.
We also announced that, in the current volatile crude and gasoline price
environment, Te Mahi Hou was 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, in addition to increasing the Refinery's
production of petrol by around 2 million barrels per annum.
Given the noted volatility of the price environment, in which the fee floor
or cap may be in effect from time to time, the above cash flow indication is
prior to any application of the fee floor and cap in the processing fee
calculation.
ENDS
For further information:
Greg McNeill, Communications and External Affairs Manager
T: 094325115; M: 021 873623; E: [email protected]
End CA:00274749 For:NZR Type:GENERAL Time:2015-12-07 15:02:27
