Oil refiner's margin falls

The New Zealand Refining Company, the country's only oil refiner, said its throughput in March and April was reduced by a planned shutdown.

Throughput for the two months totalled 5.75 million barrels.

It was reduced because of the shutdown of the Hydrocacker and Crude Distillation Unit No 2 in March to replace catalyst and complete scheduled maintenance and inspections.

The company said its margin of US$5.04 ($6.95) a barrel in the period was lower because of the shutdown. The hydrocracker was down for 24 days and the distillation unit was down for 14 days.

"This impacted both volume and the ability to upgrade lower cost feedstocks into high value products," the company said.

Both units are back in service.