Ann: GENERAL: NZR: Throughput and Margin Report N

• Release Date: 01/02/13 16:32
• Summary: GENERAL: NZR: Throughput and Margin Report November-December 2012
• Price Sensitive: No
• Download Document  1.9KB

					

NZR
01/02/2013 14:32
GENERAL

REL: 1432 HRS The New Zealand Refining Company Limited

GENERAL: NZR: Throughput and Margin Report November-December 2012

Refining NZ Throughput and Margin Report for November to December 2012

The Processing Fee for the period November to December 2012 of NZD46 million
was generated from a throughput of 6.9 million barrels.  The average Gross
Refinery Margin (GRM) generated for the two month period was USD 7.88 per
barrel with an average exchange rate of USD/NZD 0.83
Refining NZ achieved a margin uplift of more than USD6.00 per barrel over the
Singapore complex margin, which remained low at less than USD1.00 per barrel
during the two month period.  Typically, Refining NZ has an uplift over the
Singapore complex margin of around USD3.00 to 4.00 per barrel. The value of
the uplift varies due to fluctuations in freight rates, quality premia, cost
of crude actually processed versus Arab Light or Dubai (basis for the
Singapore complex margins) and operational performance.

In the last half of February 2013 we will be completing a planned "pitstop"
(short shutdown) of the hydrocracker to complete maintenance and to replace
some of the catalyst.  A 12 day outage of the hydrocracker and the associated
residue upgrading process units will limit the Company's ability to upgrade
lower cost residue feedstock to high value products and will reduce the GRM
earned during the January/February 2013 period.  Refinery customers have been
notified and the impact scheduled into product supply plans to ensure ongoing
product availability.

Full Year:  2012
The Gross Refining Margin 1), for the year averaged USD5.77 per barrel and
the exchange rate USD/NZD0.81.
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.
End CA:00232552 For:NZR    Type:GENERAL    Time:2013-02-01 14:32:34