Quote Originally Posted by bull.... View Post
the debt matrix might blow out on bad refining margins making borrowing for those solar projects etc unattractive due to borrowings
More unattractive you mean?

I think the solar farm is some type of separate entity - as far as the debt is concerned anyway.

The crude shipping sanctions are killing the margin at the moment.

'The margin is calculated as the typical market value of all the products produced, minus the typical market value of all feedstockprocessed. The typical market value of products is determined by using quoted prices for the products in Singapore plus the typicalfreight cost to New Zealand plus product quality premia. The typical value of feedstock is determined by using the market value forcrude oil and other feedstock at the point of purchase, plus the typical cost of freight to New Zealand'.