Caltex Announces closure of its Kurnell Refinery

Submitted: Thursday, Jul 26, 2012 at 10:10
ThreadID: 97100 Views:3091 Replies:9 FollowUps:20
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Caltex has announced that it will be closing the Kurnell refinery and will convert it to a major import terminal by 2014.

The major reason cited is that it will reduce its exposure to refining margins; essentially there is little money in the business of refining oil into refined fuels.

There has often been discussion on the forum about fuel companies ripping us off, a complex discussion that has often been subject to misinformation and a lack of understanding, and what the Caltex action today confirms is there is no money in the refining business.

What it means for Australia is that we are going to be far more reliant on imported refined product, and whilst we import most of the oil into our refineries as the oil produced in Australia is not suitable, we still had a refining capacity, this is now gone, and potentially has long-term security implications for Australia.



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