NZ Refining cautiously optimistic about 2017
New Zealand Refining told shareholders they are cautiously optimistic about 2017.
New Zealand Refining told shareholders they are cautiously optimistic about 2017.
BP New Zealand is selling down part of its holding in the nation's only oil refinery operator, NZ Refining.
The New Zealand division of ExxonMobil narrowed its 2015 loss even as revenue dropped 15 per cent.
New Zealand Refining, which operates the country's only oil refinery, wants shareholders to approve a change to the company's constitution that would allow for a smaller board.
Historically high refining margins, a weaker kiwi dollar and high plant reliability combined to give New Zealand Refining one of its best annual results on record.
New Zealand Refining, operator of the country's only oil refinery, added an extra US cent to its margins from recent upgrades.
Fisher & Paykel Healthcare reported yet another record full-year profit last Friday, justifying Craigs' consistently bullish view.
The sale of Caltex is another example of the exodus of multi-national oil companies from the New Zealand market.
Z Energy shares have soared 21 per cent on news it has bought the Caltex chain of gas stations.
Z Energy says work has slowed on its $20 million biodiesel plant but it will be finished in the next nine months.
Z Energy posted a 10 per cent increase in full-year operating earnings, as fuel and refining margins improved and the service station chain sold more fuel.
A massive pipi bed in Whangarei harbour is dying and there are fears the change could destabilise the harbour - and Marsden Point itself, Radio NZ reports.
Oil companies are forging ahead with a plan to import more fuels to minimise disruption from planned strike action at NZ's only oil refinery.
The country's largest oil refinery is getting a $365m upgrade, enabling Refining NZ to expand its petrol refining capacity to meet 65 per cent of local needs from the current 55 per cent.
Soaring wholesale power prices last week have prompted complaints from 14 organisations, including ASB bank, Telecom, Vodafone and the owner of the Marsden Point oil refinery.