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- Release Date: 22/03/12 12:18
- Summary: GENERAL: NZR: Throughput and Margin Report for Jan-Feb 2012 Revised
- Price Sensitive: No
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NZR
22/03/2012 10:18
GENERAL
REL: 1018 HRS The New Zealand Refining Company Limited
GENERAL: NZR: Throughput and Margin Report for Jan-Feb 2012 Revised
Refining NZ Throughput and Margins Report for January-February 2012
The Processing Fee for January-February 2012 of NZD 26 million was generated
from a throughput of 7.3 million barrels for the two-month period.
The average Gross Refinery Margin (GRM) generated for the two month period
was USD 4.17 per barrel. The margin was impacted by a 7 day outage of the
hydro-cracker, as emerging maintenance was carried out on the hydro-cracker
re-cycle gas compressor. This limited the Company's ability to upgrade lower
cost feedstock's into high value products during the period of the outage.
The average exchange rate for the two month period was USD/NZD 0.82.
We continue to see volatility in refiner's margins, with Singapore complex
margins being reported as negative in March - market conditions that are not
considered sustainable. Despite the pressure on Singapore margins, Refining
NZ's margin is positively tracking in the USD 2.50 - USD 3.50 range. This is
due to the quality premia and freight differential advantages that Refining
NZ has over Singapore refiners.
Historic Analysis
Five years 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
1) Gross Refining Margin is defined as the typical market value of the
products produced minus the typical market
value of the feedstock used, expressed per barrel of feedstock used. The
margin incorporates the cost of the
hydrocarbon used for fuel and incurred as process losses.
End CA:00221019 For:NZR Type:GENERAL Time:2012-03-22 10:18:17
