Refining NZ to pay investors next week amid pipeline repairs

New Zealand Refinery staff at the site of a jet fuel pipeline. Picture / Northern Advocate.

Refining NZ is sticking to its plan to pay shareholders a dividend next week as it works to repair its ruptured pipeline.

The company will pay investors a dividend of 6c per share next Thursday, the same day which fuel rationing is expected to end for airlines flying out of Auckland.

Refining NZ more than tripled first-half profit in the six months to June, with earnings jumping to $35.2 million over the period from $11.6m a year earlier,

Revenue gained 22 per cent to $190.6m over the period.

The company expects the leak from the ruptured pipeline carrying jet fuel to the airport from Marsden Point refinery to hits its revenue by $10m to $15m.

"On that basis there is no plan to change the payment of the interim dividend, scheduled for 28 September 2017," the company said in an announcement to the stock exchange this afternoon.

The damaged section of pipe was cut out today and a 17m replacement section has been delivered to the leak site.

"We remain on track to deliver jet fuel via the pipeline to Wiri between midday Sunday the 24th and midday Tuesday the 26th September. Settling, re-certification and transport to the airport for use will take another 30 hours," Refining NZ said in its latest update.