Z Energy sees slump in New Zealand jet fuel sales

New Zealand downstream firm Z Energy reported an 83pc slide in jet fuel sales to 2.41mn litres (15,100 bl) in the week to 5 April compared with an average of 89,000 bl/week in the four weeks to 22 March, before the country imposed travel restrictions to combat the Covid-19 pandemic.

Z Energy is one of three wholesalers in New Zealand's jet fuel market, along with BP and ExxonMobil. Z Energy bought Chevron's New Zealand assets in 2016. It buys oil products from the country's sole refinery, the 139,000 b/d Marsden Point that Z Energy has a 15.4pc stake in as a partner in Refining NZ. The refinery does not sell direct to consumers and only sells to wholesalers.

The fall in Z Energy's jet fuel sales are consistent with flight activity by national airline Air New Zealand, which has cut its flight capacity by 95pc since the coronavirus outbreak. The New Zealand government progressively imposed travel restrictions from February. Air New Zealand started cutting flight capacity in February.

By Kevin Morrison

source: Argus Media