Australia struggles to stop downstream exodus
Australia’s energy security takes another hit with ExxonMobil opting to shutter its Victoria refinery
ExxonMobil plans to convert its 90,000bl/d Altona refinery into a fuel import terminal, after concluding it is no longer economically viable. Coming a little over three months after a similar announcement from BP concerning its 138,000bl/d Kwinana refinery in Western Australia, the shutdown will shrink Australia’s refining capacity from 457,000bl/d to just 229,000bl/d by 2022. With the country then having to rely more heavily on regional fuel suppliers to meet demand, there are growing concerns about how the government intends to safeguard its energy supply lines. Lifeline falls short Although the coronavirus pandemic sent the Australian downstream into a tailspin in 2020, refinery operators

Also in this section
7 February 2025
The history of tin production and prices offers a preview of the future oil market. If correct, $35/bl could become the new normal for crude for several years without further OPEC+ intervention
7 February 2025
Changing oil demand patterns mean different downstream economics amid switch to naphtha, LPG and other petrochemicals
6 February 2025
Policy initiatives will take time to reverse declining output, and restoring investor confidence is far from certain
6 February 2025
This premier event is poised to address the evolving technology and investment demands of North America’s thriving chemical and pharmaceutical sectors