General
Geelong’s Viva Energy records $95 million loss for oil refinery
Victoria’s last oil refinery and one of two remaining in Australia has recorded a multi-million dollar loss for the last financial year.
Key points:
- Viva Energy’s Geelong refinery is one of two remaining oil refineries in Australia
- The company has moved to diversify its operations into renewable energy and gas
- The future of Viva’s oil refining operations remains uncertain, threatening Australia’s domestic supply for fuel
Geelong’s Viva Energy released its 2020 financial year results on Wednesday, reporting a $95.1 million loss to its oil refining arm and announcing a business recovery plan to boost the company’s earnings going forward.
The company employs about 700 people and supplies fuel to more than 1,250 Coles Express petrol stations.
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