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Exxon Expected to Close its Altona Refinery in Australia

2/10/2021

Exxon Mobil announced on February 9^th that it plans to shut in production at its long-running Altona refinery in Victoria. This decision comes as the country’s refiners continue to deal with low demand.

The 90,000 barrel per day refinery will be converted into a fuel import terminal, and once production is closed in it will leave Australia with only two running refineries. BP recently announced it would shut in the Kwinana refinery in April, leaving Ampol’s 109,000 barrel per day Lytton refinery and Viva Energy’s 128,000 barrel per day Geelong facility. Lytton is still being considered for its future and if it does shut in, the Geelong refinery would the last refinery standing in the country. Viva plans to keep Geelong running after it accepted a fuel security package from the government as financial assistance.

With this closure, Australia is becoming increasingly reliant upon product imports and potentially even more dependent upon China specifically, since it is Australia’s biggest trading partner.