back are the healthy processing margins
Back to healthy margins & cost saving targets (over-)achieved :t_up:
September / October processing report is out and looking good:
"The Gross Refinery Margin1) (GRM) for the period was USD 7.54 per barrel. Singapore complex margins
averaged USD 2.60 per barrel during the period.
Refining NZ’s margin uplift over Singapore complex margins of USD 5.00 per barrel was again higher than
the normal range of USD 3 - 4 per barrel, largely driven by the 2014 margin initiatives (USD 0.67 per
barrel) and favourable crude prices reflected in a narrow Brent-Dubai spread (USD 0.88 per barrel).
Processing Fee income for the period was NZD 42.3 million, enabling another NZD 21.3 million payback
of the Fee Floor2) to customers. This brings the total floor repayment during the second half of Refining
NZ’s financial year to NZD 34.8 million, leaving the outstanding Fee Floor amount at NZD 1.5 million.
The Company also expects to deliver on its promise of cost savings in 2014; total costs are expected to
close at around $150 million for the year, some $8 million lower than originally promised."
https://www.nzx.com/files/attachments/203841.pdf