First half on track, firm says

Key numbers

WHANGAREI: Channel Infrastructure, formerly known as Refining NZ, says its firsthalf result is tracking to expectations, following a change in its business activities.

The company said 70% of the Marsden Point refinery decommission had been completed, as it transitioned to being a fuel import terminal in the first quarter, with terminal fees kicking in from April 1.

The company said it completed the refinery shutdown safely and to plan, and successfully completed 19 import shipments in the first quarter.

It said jet demand was more than 50% of preCovid levels, which was the highest level since 2019.

The company said its financial performance was tracking to guidance and next year’s underlying profit was expected to be at the top of expectations, as the oil refinery’s transition to an importonly terminal was running on time and within budget.

For the six months ended June 2022 $17.2m $29.8m $19.7m Net profit Revenue Underlying profit 2021 ($4.9m) $1.7m ($834,000)

Work was under way to convert some tanks to increase storage capacity for customers, with further opportunities for additional tank conversions should they be required to meet fuel storage requirements.

‘‘With increased fuel storage at Marsden Point, we have the opportunity to support New Zealand’s fuel security now, and as the Government looks to implement its expected fuel stockholding policy,’’ Channel chief executive Naomi James said.

Its shares closed up 7c at $1.33 on the NZX yesterday. They are up nearly 40% compared with 12 months ago. — RNZ