Business
Geelong oil refinery’s future under threat amid $50m loss – Sydney Morning Herald
The Geelong oil refinery is facing a growing threat of closure after its owner, Viva Energy, revealed the plant has sunk to a $50 million half-year loss.
The Geelong refinery, which can process up to 120,000 barrels of oil a day, is the second-largest of Australia’s four remaining refineries and supplies about 10 per cent of the nation’s liquid fuel needs. Margins at the site crashed from $US5.1 a barrel to $US2.9 in the past six months, accounts showed, below the margin needed to break even.
The pain caused by the severe drop in fuel demand has been felt across Australia’s refining sector, with other operators BP, ExxonMobil and Ampol all annou…
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