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NZ Refining gross margins edge up

NZN 22/03/2017 Paul McBeth

New Zealand Refining's gross margins edged higher in the first two months of the year with strong throughput at the Marsden Point refinery.

The Whangarei-based company achieved a gross refinery margin of US$6.58 per barrel in January and February, down from US$7.96/barrel a year earlier, though higher than the 2016 average of US$6.47/barrel.

Some 7.16 million barrels were processed in the two-month period, up from 6.83 million a year earlier and ahead of the planned maintenance shutdown in March.

The March shutdown helped lift the company's margin over the Singapore Dubai complex margin as firms built up their stocks in preparation.

NZ Refining's processing fee was $45.9 million in period, down from $57m a year earlier.

The company's shares fell 0.4 per cent to $2.38, having fallen 8.1 per cent so far this year.

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