Press Release – SBC and CLC Business leaders from the Sustainable Business Council (SBC) and the Climate Leaders Coalition (CLC) welcome the 2021 Budget announcement on climate action, noting that it sets high expectations for further commitments resulting from the imminent Emissions …
Business leaders from the Sustainable Business Council (SBC) and the Climate Leaders Coalition (CLC) welcome the 2021 Budget announcement on climate action, noting that it sets high expectations for further commitments resulting from the imminent Emissions Reduction Plan, in next year’s budget.
Executive Director of the Sustainable Business Council Mike Burrell says, “We see today’s announcements as important initiatives to advance climate action in New Zealand.
Z Energy gives upbeat outlook despite sharp fall in margins, blaming rising crude prices
6 May, 2021 01:18 AM
3 minutes to read
Fuel giant Z Energy said margins were expected to recover despite a sharp fall in the first three months of 2021. Photo / Dean Purcell
Fuel giant Z Energy said margins were expected to recover despite a sharp fall in the first three months of 2021. Photo / Dean Purcell
Z Energy shares jumped as the fuel retailer resumed dividend payments, gave an upbeat assessment of new industry legislation and predicted margins on fuel would recover from their current multi-year lows.
The Wellington-headquartered company, which also operates the Caltex brand, delivered a net profit after tax of $57 million for the 12 months to March 31, which it said was an increase of 165 per cent on the previous year.
Refining NZ declined to comment on the impact that was having earlier this week. Z when releasing its annual results on Thursday said the refinery was losing “cost competitiveness” at a time when larger, more efficient refineries in the Asia Pacific region were about to come on line.
MARTIN DE RUYTER/Stuff
Z’s fuel sales dropped 29 per cent, in part due to lower jet fuel demand, in a year defined by Covid. “Negotiations with Refining NZ remain ongoing with good progress being made. Z expects negotiations to conclude by the end of May,” it said. A Refining NZ spokeswoman said a final decision to convert to an import terminal had not been made and any decision to do that “would ultimately be subject to approval of Refining NZ’s non-customer shareholders .