Excessive electrical energy costs and weaker oil refining margins have seen the proprietor of the Marsden Level refinery enhance its debt.
Refining New Zealand, itself part-owned by the main gas corporations BP, Mobil and Z Power, reported a internet loss for the primary half of the 12 months of $3.5m, a 24 p.c better loss than the earlier 12 months.
The corporate’s chief government Mike Fuge stated its processing items had been working reliably throughout the interval, however a mix of things meant the refinery couldn’t take advantage of the nice operational efficiency.
“Our efficiency was negatively impacted by excessive electrical energy costs available in the market, weak spot of refining margins because the starting of the 12 months pushed by low gasoline costs, and decreased entry to pure fuel due to on-going upkeep on the Pohukura fuel area,” Mr Fuge stated.
Income climbed 16 p.c with revenue from its processing payment increased in comparison with the earlier 12 months.
Gross refinery margins had been down…