[letterhead]


NZX Announcement


02 December 2015


Refinery's Te Mahi Hou project goes live


Refining NZ is pleased to announce Te Mahi Hou is producing on specification gasoline and gasoline production on the old platformer has been stopped. This is a major milestone in the startup of Te Mahi Hou with a number of other milestones to be completed in the coming weeks.


The $365m Te Mahi Hou project was handed over for startup to the operations team on the 25th of November. This puts the project around three weeks ahead of the original completion date of late December 2015.


In the current volatile crude and gasoline price environment, Te Mahi Hou is expected to lift the Gross Refinery Margin (GRM) by approximately USD 0.85-0.90 per barrel and increase operating cash flows by around $50-$55 million. Te Mahi Hou will increase the production of petrol by Refining NZ by around two million barrels per annum, lifting the Company's share of the New Zealand petrol market from around 55% to 65% percent. Improved energy efficiency as a result of Te Mahi Hou will see the refinery's CO2 emissions reduce by around 120,000 tonnes per annum.


ENDS


For further information:

Greg McNeill, Communications and External Affairs Manager T: 094325115; M: 021 873623; E: greg.mcneill@refiningnz.com

The New Zealand Refining Company Limited issued this content on 2015-12-02 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2015-12-22 18:57:59 UTC

Original Document: http://www.refiningnz.com/media/104062/nzx_announcement_-_te_mahi_hou_december_2015.pdf