First half 2004 income for the firm stands at US$78.4 million.

In a statement Shell Refining Chairman Jon Chadwick said, “The Q2 performance contrasts with a net loss after tax of RM45 million (US$11.8 million) in the same period of last year. The excellent financial result for this second quarter was mainly due to the continued strength of our refining margins, sustained operational performance and, to a lesser extent, stockholding gains.”

“Shell Refining, which operates a 156,000 bpd refinery at Port Dickson, processed 10 million bbl of crude and feedstock in Q2, and sold 10.7 million bbl of products. The processing volume translates to 109,890 bpd, or 70.44% capacity utilisation. [We] expect strong refining margins to continue in the rest of this year,” added Chadwick.

Around 85% of the firm’s output is sold in the domestic market.