Margins up but squeezed by high New Zealand dollar. 

Marsden Point's New Zealand Refining Company operated at near full capacity for November and December, with a throughput of 7.2 million barrels, but margins dropped to the lowest point in at least five years.

The gross refining margin was $US1.18 a barrel, compared with $US9.00 for the same period in 2008 and a 2009 high of $US8.88 a barrel for the January/February period.

Refining margins have been cut drastically or in some cases completely, as demand for oil products reduced during the recession, along with a global over-supply.

New Zealand’s second largest listed company has been chosen as a finalist for best practice annual reporting by a corporate at the New Zealand Institute of Chartered Accountants 2009 Leadership Awards.

Telecom is no stranger to the awards – last year it won the prize for best governance reporting by a corporate.

Joining Telecom in the final five for its category are New Zealand Refining, Marlborough Lines, Christchurch International Airport and state-owned coal miner Solid Energy.