https://www.rnz.co.nz/assets/news/58745/eight_col_46161947_l.jpg?1454372190 A significant squeeze on refining margins and reduced demand for fuel globally saw the owner of Northland’s Marsden Point refinery suffer a loss for the financial year. Marsden Point oil refinery owner Refining New Zealand reported a net loss of $198.3 million. Photo: 123rf.com Refining New Zealand, partially owned by customers BP, Mobil and Z Energy, reported a net loss of $198.3 million, most of which can be accounted for by a $158m write down of its refining assets, announced earlier in the year. Chief executive Naomi James said the global drop in demand triggered by Covid 19, as well as expectations of a slow recovery, weighed heavily on an already oversupplied market. “Singapore Complex Margins were negative across most of the year and the Gross Refining Margin of $US1.63 per barrel earned was the second lowest in the 25-year history of the Company’s Processing Agreements.” The company was ...
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