Robust operating mode to be extended

6 April 2020 NZX Announcement


Robust operating mode to be extended
Refining NZ has agreed with its customers to extend the period it is operating the refinery in a
reduced production mode by a further two months to the end of August, in response to the
significant fuel demand reduction resulting from COVID-19 travel and transport restrictions.
The Company is working through a range of options with its customers with the clear expectation
that further production reductions will be required in response to the COVID-19 impact on customer
demand for transport fuels. Options include the potential for all processing units to be put on
standby for specified periods, to help balance fuel supply across the country, while retaining the
flexibility to return to production safely when required.
During this mode of operation, the customers will continue to meet their Fee Floor obligations under
the Processing Agreements and the Company plans to achieve a cash neutral spend rate, taking into
account the Fee Floor and reduced RAP income.

For further information:
Greg McNeill, Communications and External Affairs Manager
greg.mcneill@refiningnz.com 021 873623