The New Zealand Refining Company Limited (NZX:NZR), on 22 January 2021, shared an update to the market regarding potential import terminal conversion prior to its full year results announcement in February 2021.
Here are some key highlights from the announcement:
- The health and safety performance during the period stayed strong and no safety events or recordable injuries were reported.
- The Negative international refining margins made the processing fee revenue stay at the Fee Floor during the period.
- The Refinery and its Auckland pipeline were affected because of the lowered demand for the jet fuel due to travel restrictions induced by COVID-19.
- The net debt position at the end of year stood at $231 million, $10 million less than FY 2019.
- Groundwork for simplified procedures was finished and all set for transition from January 2021.
- Discussions on import terminal are on with all the customers.
- The Singapore Dubai complex margin gave a boost to the Refining NZ’s November/ December figures that hovered around US$4.78 per barrel.
- GRM for the two months was US$3.24 per barrel.
Meanwhile, the stock NZR was found trading at NZ$0.550 at 1:53 PM NZDT.