as waikaka was saying 200 -250 m conversion costs.
assuming that will add to there already huge debt profile in this current environment. So i see most of there future earnings going to service debt unless they sell of a big part of there land portfolio to repay debt. under this senario nta will plunge as they sell assets and write off the refinery costs and conversion. there have 350m of tax losses to carry forward. import terminal costs they say are 35 - 40 m per year. we dont know there income from being an import terminal yet but im sure it be designed to favour the oil majors.
there save money on staff costs as an example kwinana is being converted to an import terminal they currently have up to 650 staff they will only need 60 people on conversion and a few more why they transition so heaps of redundancy costs at refining nz as part of the conversion costs probably modelled into the 200 - 250 m .
as sailor rob says its not a pretty picture and will most likely keep on being what the past has been a erratic stock performer with no reliable income.
as an import terminal operator most contracts a flexible fee paying arrangement similar to the fee floor arrangement now so they adjust the fee payable to the import terminal operator based on conditions