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".