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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 - 22nd September 2017 (PM)

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09/22/2017 | 01:50am EST
Pipeline repair: status update Media Release 22 September 2017 5pm

Good progress continues to be made on the repair to our RAP pipeline. The welding at both ends of the new section of pipe passed initial inspection yesterday evening. They will now be re-tested later this evening as per procedure (after a 24-hour holding period).

Final inspection will follow. If this is successful we can proceed to pre-commissioning (testing, flushing, purging, etc).

We remain on track for jet fuel delivery between mid-day Sunday the 24th and mid-day Tuesday the 26th. Settling, recertification and transport to the airport for use will take another 30 hours.

Alternative supply

The temporary jet fuel road tanker loading facility has been commissioned and we are currently loading road tankers.

Coastal shipping - m.v. Matuku

The fuel ship m.v. Matuku has been loading a variety of fuel products today at our jetties (images attached). Her estimated time of departure for Auckland is 5am tomorrow, then on to Wellington, Nelson and New Plymouth. She will be carrying approximately 3.5 million litres (approx. 120 road tankers) of jet fuel, as well as diesel, petrol and fuel oil.

ENDS

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

The New Zealand Refining Company Limited published this content on 22 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 22 September 2017 05:49:01 UTC.

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EBIT 2019 38,8 M
Net income 2019 17,6 M
Debt 2019 235 M
Yield 2019 4,64%
P/E ratio 2019 34,1x
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Sell
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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