The New Zealand Refining Company, which operates the Marsden Point oil refinery, had a good 2015, shareholders were told at the company's annual meeting last week. Photo / John Stone
Shareholders at the New Zealand Refining Company's annual meeting voted 99.88 per cent in favour of changing the company's constitution, allowing for a smaller board.
Shareholders also voted (by a similar majority) to re-elect independent directors Vanessa Stoddart and Mark Tume, and ExxonMobil representative Andrew Warrell.
Refinery board chairman Simon
Allen told the meeting the company had had an exceptional 2015 with a Net Profit after Tax (NPAT) of $150.9 million for the period ended December 31, 2015, compared to $10 million in 2014.
A big factor was the Gross Refining Margin (GRM) for 2015, which averaged US$9.20 per barrel prior to cap or floor adjustment, well ahead of the average for the previous year of US$4.96 per barrel.
Highlights for the year included:
