NZ refining announces higher margins

New Zealand Refining, operator of the country's only oil refinery, today announced higher refining margins for the last two months of 2006.

The company's average profit from processing crude in November and December was US$7.76 ($11.13) a barrel - up 85 per cent on the previous two months and 2 per cent on the same period in 2005.

New Zealand Refining said the improvement in the period was due to high availability of the processing units and good international prices for products.

Processing fees charged by the company for the year came to $352.4 million, up 10 per cent on 2005.

- NZ HERALD STAFF