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MarketScreener Homepage  >  Equities  >  NEW ZEALAND STOCK EXCHANGE  >  New Zealand Refining Company Ltd    NZR   NZNZRE0001S9

NEW ZEALAND REFINING COMPANY LTD

(NZR)
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New Zealand Refining : RAP Update - 21st September 2017 (AM)

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09/20/2017 | 10:35pm EST
Media Release 21 September 2017 Pipeline repair: status update

The refinery repair team has made good progress overnight. There remains a long series of individual steps to be completed in order for the schedule to be met.

The pipe repair

The damaged section of pipe has been cut out of the pipeline today. The pipe was cut in two locations 17 metres apart.

The 17 metre replacement section of pipe has been delivered to the leak site and has been hydro-tested, ahead of the section being welded in place. The welds will be inspected by Lloyds twice over a 24 hour holding period.

We remain on track to deliver Jet fuel via the pipeline to Wiri between midday Sunday the 24th and midday Tuesday the 26th September. Settling, recertification and transport to the airport for use will take another 30 hours.

Alternative Supply

The alternative jet truck loading facility at the refinery is being tested for product quality and safety. A trial loading will take place this afternoon. All going well other road tankers will be loaded thereafter.

ENDS

Greg McNeill. M: 021 873623; E: greg.mcneill@refiningnz.com

The New Zealand Refining Company Limited published this content on 21 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 21 September 2017 02:34:05 UTC.

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Sales 2019 371 M
EBIT 2019 38,8 M
Net income 2019 17,6 M
Debt 2019 235 M
Yield 2019 4,60%
P/E ratio 2019 34,5x
P/E ratio 2020 9,15x
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Sell
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Mean consensus OUTPERFORM
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Michael Fuge Chief Executive Officer
Simon Christopher Allen Chairman
Denise M. Jensen Chief Financial Officer & Secretary
Robin Baxter Engineering Manager
Vanessa Cynthia May Stoddart Independent Director