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- Release Date: 08/04/13 13:24
- Summary: MONTHLY: NZR: Throughput and Margin Report -January to February 2013
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NZR
08/04/2013 11:24
MONTHLY
REL: 1124 HRS The New Zealand Refining Company Limited
MONTHLY: NZR: Throughput and Margin Report -January to February 2013
The Processing Fee for the period January to February 2013 of NZD 24 million
was generated from a throughput of 6.8 million barrels. The average Gross
Refinery Margin (GRM) generated for the two month period was USD 4.20 per
barrel with an average exchange rate of USD/NZD 0.84.
During February, a planned maintenance and catalyst replacement "pit-stop"
(short shutdown) of the hydrocracker and associated residue upgrading units
was completed. This limited our ability to upgrade lower cost residue
feedstock into high value products and consequently reduced the GRM uplift
over the Singapore complex margin for the period.
The planned "pit-stop" was completed on schedule, however, upon
re-commissioning, a leak occurred in a steam system which resulted in the
hydrocracker being shut down again to conduct the necessary repair work
safely. This extended the outage on the residue upgrading units into the
first week of March, which will have an impact on the GRM earned during the
March/April 2013 period. Residue stocks built up during the period of the
outage will be processed through the upgrading units in future months.
During February and throughout March, refinery throughput was also negatively
affected by late crude oil deliveries to the refinery, while some diesel
imported by some oil companies did not meet specifications and had to be
re-processed at the refinery. Management worked with the refinery customers
to ensure ongoing product supply.
The refinery is currently operating at near full capacity.
(Appendix I details further information on throughput, margin and refining
income.)
Historic Analysis
A five year 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:00234971 For:NZR Type:MONTHLY Time:2013-04-08 11:24:20
