Storm brewing: will Marsden Point join other A-P refineries in closing?

摘要

Refining NZ is teetering on the edge of closing its only tefinery in New Zealand due to financial difficulties,as was reported in the June-29 Digest.In the latest development,the operator of the 135K-b/d Marsden Point refinery is currendy in a disagreement with ExxonMobil,which is the company's largest shareholder with a 17.2% stalre,over their processing fee agreement,which forces customers to deal with losses when margins are low but benefits them when margins are strong.As Refining NZ is planning to convert the plant into a refined-product import terminal,ExxonMobil is concerned that it may incur losses and is continuing"to assess the closure's implications for its business."Other leading shareholders,Z Energy(15.36%)and BP(10.1%),are leaning in favor of the move.According to Oilprice.com,despite the potential job losses from the closure of the refinery,the lost demand caused by the coronavirUS pandemic likely sealed the fate of New Zealand's only operating refinery.