N.Z. Refining’s Full-Year Margin Lowest in Six Years
(Bloomberg) — New Zealand Refining Co., operator of the nation’s only oil refinery, said 2009 processing margins fell to a six-year low as global fuel demand waned.
The company charged an average $4.16 a barrel to process its customers’ crude last year, down from $9 in 2008 and the lowest annual average since 2003. Margins fell to $1.18 in November and December, from $8.88 at the start of the year, the refiner, based at Ruakaka on the country’s North Island, said in a statement today.
