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New Zealand Refining Co. Margins Rise 34% on Increased Demand

Bloomberg: New Zealand Refining Co. Margins Rise 34% on Increased Demand

By Gavin Evans

April 8 (Bloomberg) — New Zealand Refining Co., operator of the country’s only oil refinery, said processing profit in January and February rose 34 percent on increased demand.

The average refining margin climbed to $10.58 a barrel during the period, from $7.90 a year earlier and $7.43 in November and December, New Zealand Refining said in a statement to the New Zealand stock exchange today.

The Ruakaka-based company is controlled by the local units of Chevron Corp., Royal Dutch Shell Plc, Exxon Mobil Corp. and BP Plc. It charges those customers a fee based on Singapore refining margins to process their oil at the Marsden Point refinery in the north of the country’s North Island.

That agreement caps average refining fees to $9 a barrel over a year. Accordingly, $10.1 million of fees weren’t booked during the period, with customers charged a total of NZ$51.8 million ($41.3 million).

The company processed 6.40 million barrels of oil during the period, from 6.07 million a year earlier and 6.36 million in the prior two months.

To contact the reporter on this story: Gavin Evans in Wellington at [email protected]

Last Updated: April 7, 2008 22:06 EDT

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