Refining down

Press, 30 August 1985, Page 8

Refining down

PA Wellington N.Z. Refining Company, Ltd, has reported a reduced interim profit of $3,734,000 ($5,992,000) for the six months to June 30.

The chairman, Mr Alan Revell, said the significant drop in half-year earnings arose from the loss of the revenue from the efficiency incentive. In 1984 this was available in the first quarter of the year and $3,157,000 net of tax was earned.

Mr Revell said the earnings drop had been anticipated. Process fees (revenue) were $44,733,000 ($42,936,000). Tax took $3,603,000 ($5,444,000). The intake for processing was 1,344,000 tonnes, compared with 1,039,000 tonnes for the period January-June 1984. (The 1984 period included the sevenweek shutdown). Mr Revell said the refinery closed down on July 2 for the revamp and reconstruction and would restart operations in mid-November. Work on the revamp was progressing well and to schedule, with more than half this task now complete. Progress on the expansion project had been steady and without interruption. By the

end of August, over-all progress had reached 92 per cent and physical construction on site was 82 per cent complete. Milestones achieved during the period were the lighting of the new flare, commissioning of the Auckland pipeline and the Wiri terminal and commissioning of all the utility functions of the new refinery.